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Posted by Fredsvenn den november 25, 2012

A bank clerk works behind twenty-dollar bills piled at a bank in Seoul


Rolling Jubilee is a bailout of the people by the people. With your help we will buy defaulted personal debt for pennies on the dollar. Instead of collecting it, we abolish it. The Jubilee begins Nov 15. Note: we cannot buy specific individual’s debt.

An offshoot of Occupy Wall Street has launched a new movement called «Rolling Jubilee» to buy distressed debt from financial firms, often for pennies on the dollar, and then canceling it so that borrowers do not have to repay. The people who incurred the debt in the first place then get a certified letter informing them they are off the hook. Typically, financial institutions sell debt for pennies on the dollar to third parties who either try to collect on it or bundle it up for resale. However, the Rolling Jubilee activists say they are buying up the debt in order to «liberate debtors at random through a campaign of mutual support, good will, and collective refusal.»

Rolling Jubilee project is seeking donations to help it buy-up distressed debts, including student loans and outstanding medical bills, and then wipe the slate clean by writing them off. Individuals or companies can buy distressed debt from lenders at knock-down prices if it the borrower is in default or behind with payments and are then free to do with it as they see fit, including cancelling it free of charge. As a test run the group spent $500 on distressed debt, buying $14,000 worth of outstanding loans and pardoning the debtors. They are now looking to expand their experiment nationwide and are asking people to donate money to the cause.

David Rees, one of the organisers behind the project, writes on his blog: «This is a simple, powerful way to help folks in need – to free them from heavy debt loads so they can focus on being productive, happy and healthy. «Now, after many consultations with attorneys, the IRS, and our moles in the debt-brokerage world, we are ready to take the Rolling Jubilee program live and nationwide, buying debt in communities that have been struggling during the recession.»

Occupy Wall Street Activists Buy Up Debt to Abolish It

Occupy to Buy Up and Relieve People’s Debt?

Occupy’s Rolling Jubilee Has Raised Enough to Forgive Almost $7 Million of Debt

Behind Occupy’s Rolling Jubilee Debt Campaign, Personal Finance Book For Debtors And Defaulters

Occupy launches ‘Rolling Jubilee’ debt forgiveness programme

Understanding The Rolling Jubilee Project

Rolling Jubilee’s Tax Problem – Business Insider

Rolling Jubilee – Occupy 2012

Rolling Jubilee

Rolling Jubilee: Facebook

Occupy Our Homes

This home is occupied

A loose-knit coalition of activists known as «Occupy Homes» is working to stave off pending evictions by occupying homes at risk of foreclosure when tenants enlist its support. The movement has recently enjoyed a number of successes.

Everyone deserves to have a roof over their head and a place to call home. Millions of Americans have worked hard for years for the opportunity to own their own home; for others, it remains a distant goal. For all of us, having a decent place to live for ourselves and our families is the most fundamental part of the American dream, a source of security and pride.

In 2008, we discovered bankers and speculators had been gambling with our most valuable asset, our homes–betting against us and destroying trillions of dollars of our wealth. Now, because of the foreclosure crisis Wall Street banks created with their lies and greed, millions of Americans have lost their homes, and one in four homeowners are currently underwater on their mortgage.

Not only do we have thousands of people without homes, we have thousands of homes without people. Boarded-up houses are sitting empty–increasing crime, lowering the value of other homes in the neighborhood, erasing the wealth that lifts families into the middle class.

The Occupy Wall Street movement and brave homeowners around the country are coming together to say, «Enough is enough.» We, the 99%, are standing up to Wall Street banks and demanding they negotiate with homeowners instead of foreclosing on them.

Occupy Our Homes is a movement that supports Americans who stand up to their banks and fight for their homes. We believe everyone has a right to decent, affordable housing. We stand in solidarity with the Occupy Wall Street movement and with community organizations who help the 99% fight for a place to call home.

Activist Post: The Evolution of Revolution: Occupy Your Home

Bank Contractors Break Into Occupied Homes

Occupy Wall Street Goes Home

Occupy Our Homes

Occupy Your House – Facebook


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