Iceland Wipes Out Citizen´s Debt! Bankers On Trail!?

The important thing here is to make sure the source is reporting accurately. I couldn't find a reputable news source, even in Iceland reporting what we read in the opening thread.

www.reddit.com...

Iceland forgives mortgage debt of its population (youtube.com)

I live in Iceland and this statement is far from true. Only in certain situations does this apply. The elderly, the disabled and other minority groups are not only losing their homes but also starving. The more you owed to the banks the more likely you could have your mortgage lowered. Why? It is more likely the banks will be able to get some of the debt back instead of sending all to bankruptcy And # the old and disabled people, they will never be able to repay so why spend a dime there?

I am icelandic and live in Iceland and i want to tell everyone that this is not true , a certain type of loans and their terms was corrected through the justice system but the public is basicly still struggling with the money fascists and secret societys. But not for long

Originally posted by Hessling
Go Iceland GO!!!!!!!!!!!!!!!!!!!

Now be a lesson to other nations around the world. Let's hope a trend has begun.

You can bet the people of Greece will be watching this develop.

say that again brother!

reply to post by kn0wh0w


A lot of Icelands debt is to foreign banks SO if that effects YOU I wonder how long you will support the Icelanders

reply to post by kn0wh0w


I'm from Iceland and i can tell all of you that this is straight up BS.

Originally posted by milkyway12
Hmmm. People are excited to get out of an Agreement they willfully signed ... sounds about right. GIMME GIMME GIMME.

Dont make an agreement if you dont intend to keep it.

And both parties agreed to the terms of the loans, consignemnts, etc. Using that as a basis, just about every mortgage loan from 2000-2008 is an invalid instrument due to MERS, etc. The correct thing under the law and the agreements that were signed is to rule that all these mortgages are invalid. Banks should be falling all over themselves to reduce principal if for no other reason than to have the homeowners sign new, valid documents that can actually be enforced.

I can't believe how joyful you people are about this. No society (especially one as complex as ours) can function without debt and the sure knowledge that the courts will enforce promises to pay debt.

Want to buy a car? Cash only.
Rent an apartment? Full year's rent in advance.
Buy a house? Forget it, until you have 100% of the purchase price saved.
Start or grow a manufacturing business? Not until the current business has saved up 100% of the money to do it, because no bank is going to loan anyone any money to grow a business if they can't enforce the promise to get repaid.
Buy a new suit with a credit card for that job interview? So sorry, no more credit cards.

P.s., those "evil banks" actually loaned the deadbeats your money and mine - that's right, they use our deposits as loans - it's not the "evil banker's" money, it's mine that you want to give to some other deadbeat - money that I worked hard for. Give away your own money, and leave me to do what I want with mine.

Time for you people to grow up and join society instead of leaching off it.

This is truly amazing.... Though i fear it will not spread to where it is needed most. I think it may have happened here, simply because, respectfully and sadly, it will go un-noticed... s+f OP.

Awesome to infinity!


>> People get this idea that all the problems of the world must be endured -- they don't. People work long and hard to ENGINEER problems in this world so they can take what they did not earn.

All it takes is controlling our government to work for the people and we JUST DECIDE that the Banks no longer are private entities, we pay off the stockholders and tell the banksters to take a hike (while seeking legal council because we are going to prosecute them). Banking problem SOLVED.

Globalization can be solved by import fees on the difference in labor costs and pollution in creating the product -- JOB PROBLEM SOLVED.

In fact, everything that his been done since Jimmy Carter was in office that concerns economics and tax law -- just repeal every bit of it and all of a sudden, things will function for the working person again.

It's really frustrating debating this nonsense, as if there will always be homeless, there will always be starving, there will always be desperation for health care and retirement -- we SOLVED THESE BEFORE. Nearly all homelessness and hunger in America was wiped out -- and other countries don't have everyone freaking out about losing a job and kids without dental care. The SOLUTIONS are easy -- but many people earn big pay checks to distort the discussion.

Originally posted by rjomaterta
reply to post by kn0wh0w

 

I'm from Iceland and i can tell all of you that this is straight up BS.

Why and how?

reply to post by curiouswa

The important thing here is to make sure the source is reporting accurately. I couldn't find a reputable news source, even in Iceland reporting what we read in the opening thread.

I agree to the max.Five pages with nothing reputable ? Could this be dis info on the part of the bankers ?

Way to go Iceland!

It would seem that someone with the ability to do simple math finally woke up to the fact that it would cost a lot less to simply pay off the mortgages rather than to bail out the evil banks, who have made billions off of fraudulent derivitives, and pass along the crushing debt to generations yet to come.

It's refreshing to see that someone finally GETS it!

Originally posted by Hessling
Go Iceland GO!!!!!!!!!!!!!!!!!!!

Now be a lesson to other nations around the world. Let's hope a trend has begun.

You can bet the people of Greece will be watching this develop.

Greece already did this...in fact, I think they were the first. it is not 100% for everyone....you have to provide a solid reason why your debt should be nullified...I don't know all the details but I know this is not new.

Pretty much everything Iceland does is right.


They are an inspiration to the rest of us.

What is their secret?

Wait, so people knowingly take out loans or run up credit cards and it is somehow the banks fault that they do? Isn't this just teaching people to be less responsible than they already are?

reply to post by Patifier


Because I pay attention to the news everyday and especially politics and economics.
2 Years ago if I remember correctly some of the international basket loans that the banks where offering were condemned illegal by the Icelandic court(Hæstiréttur).
But these basket loans were mostly for automobiles and the people who had those loans didn't need to pay them anymore and some, like me, got refunded for the loan.
But Iceland's dept is still #ing high, and thank good we said no to paying the Ice Save accounts. No way in hell that i am paying for the mistake of some few #ers.
And another thing about Iceland is that we have a really socialistic government right now trying to eliminate competition be increasing taxis and regulations. Which makes it difficult for the middle class and small companies, for example my grandfathers company is struggling and he has almost no work projects.
Every country on this planet is using fiat currency, including Iceland.
Our government is still spending money like crazy and that is adding on to the dept, but they just try to increase taxis instead without thinking about the negative aspect of doing so.
Our president just signed some treaty/act with David Cameron about "making the internet more safe and legal" some BS.

Iceland is really #ed up. Unemployment is really high and a lot of people would rather get benefits from the government because it's higher than the minimal wage.

# just seems to be getting worse if something.

This needs to happen in the US...

It was no accident that hundreds of thousands of loans were given to people who couldn't afford them. Even a lowly loan officer should have the prudence to know that the two people sitting in front of him/her, will not be able to pay the loan. Yes, it is the responsibility of the applicant to be informed but it is also the responsibility of the loan officer to properly qualify applicants.

Loan officers screen applicants every day. The standards go up and down based on their marching orders. It is the role of the loan officer to qualify applicants and issue good loans. These aren't Wal-Mart class employees; they are trained and fully qualified to screen loans based on applicants ability to repay, so the fault lies with the mortgage companies just as much, if not more so, than the applicant. The entire thing was orchestrated. To what end, I have no idea, but it's no accident that these loans were given to people who couldn't afford them.

reply to post by kn0wh0w

My understanding is that this happened last years ie old news.

Originally posted by starchild10

Originally posted by Patifier
Anyone form Iceland that can confirm this? Couldn't find any other source on this history, even Icelandic news websites. Telesur that published the original video is a Venezuelan news channel.

The OP posted links including Bloomberg. I checked Icelandic news sites too and there is nothing. I think the video that's going around is just a late catch up. The Bloomberg article dates back to February and that seems to be the source of all of this. According to that it was people in certain categories that got debt forgiveness. I don't know if there has been any advance on that.
Personally I'd be a bit peed off if it happened here in the UK. I just scrimped and saved to pay off the flippin mortgage!

edit on 13-4-2012 by starchild10 because: (no reason given)

I don't understand your attitude. You want others to continue suffering because you suffered?

Too bad this story isn't true.

It needs to happen.

Originally posted by milkyway12
Hmmm. People are excited to get out of an Agreement they willfully signed ... sounds about right. GIMME GIMME GIMME.

Dont make an agreement if you dont intend to keep it.

If you sign an agreement that is not fully disclosed to you then it is null and void. Every Mortgage is a fraud no money changes hands because there is no money just debt created from thin air. To bad most people have no clue how their mortgage works and continue to believe the BS propagated by the banksters and politicians that have the whole world on the verge of complete economic collapse. Perhaps they will believe when it becomes hell on earth because these criminals stole all our wealth with this fraud and people are starving and killing one another just to try and survive...