Originally posted on The Slog.:Never mind the facts, let them eat bollocks Asian markets have just closed. The Shanghai Composite Index closed down 7.6% at 2,964.97, leaving it below the psychologically important 3,000 line. Elsewhere in China, the Shenzhen closed 7.1% down at 1,749.07, and the ChiNext plunged another 7.5% to 1,990.71. Tokyo tried an…
The federal consumer bureau has enough evidence to indicate the company violated federal consumer protection laws. Federal regulators are considering suing Navient Corp., the nation’s largest student loan company, for allegedly cheating borrowers, the company said Monday. The Consumer Financial Protection Bureau, which has been investigating the company for nearly two years, sent Navient a […]
I’m extremely disappointed at an opinion I just read, one which declines to apply the statute of limitations in the foreclosure context based on “equity,” i.e. because (or at least partly because) the court doesn’t deem it fair for homeowners to get a “windfall” by a mortgage being eliminated. Here, have a look. The legal…
Written by Charles Eisenstein for YES! Magazine.
Today a burgeoning debt resistance movement draws from the realization that many of these debts are not fair. Most obviously unfair are loans involving illegal or deceptive practices—the kind that were rampant in the lead-up to the 2008 financial crisis. From sneaky balloon interest hikes on mortgages, to loans deliberately made to unqualified borrowers, to incomprehensible financial products peddled to local governments that were kept ignorant about their risks, these practices resulted in billions of dollars of extra costs for citizens and public institutions alike.
A movement is arising to challenge these debts. In Europe, the International Citizen debt Audit Network (ICAN) promotes “citizen debt audits,” in which activists examine the books of municipalities and other public institutions to determine which debts were incurred through fraudulent, unjust, or illegal means. They then try to persuade the government or institution to contest or renegotiate those debts. In 2012, towns in France declared they would refuse to pay part of their debt obligations to the bailed-out bank Dexia, claiming its deceptive practices resulted in interest rate jumps to as high as 13 percent. Meanwhile, in the United States, the city of Baltimore filed a class-action lawsuit to recover losses incurred through the Libor rate-fixing scandal, losses that could amount to billions of dollars.
Here are two videos that are oldies but goodies on the economy. The videos were created during the Great Recession but are applicable today.