Iceland Forgives Morgage Debt?

by LarryC 7 replies
I don't know if this is true or not. This video is not all that convincing, as it's a very short clip that's in Spanish not Icelandic.

Does anyone from Europe (or anywhere else for that matter) know anything about this? So far it's only on some alternative and conspiracy sites in the U.S. I'm wondering if this is just wishful thinking, a hoax or something that's actually being suppressed in the mainstream news. :confused:

#off topic forum #iceland
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  • Profile picture of the author travlinguy
    I just did a search and there are a lot of stories saying it's so. Could be true.
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  • Profile picture of the author seasoned
    Well, it IS possible, but Iceland lost a LOT to derivatives.

    Steve
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  • Profile picture of the author seasoned
    BTW Iceland is homogeneous, has LOW unemployment, the major export is FISH, low inflation, etc... So forgiving the mortgage is easier and makes more sense than say the US.

    Steve
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    • Profile picture of the author thunderbird
      Originally Posted by seasoned View Post

      BTW Iceland is homogeneous, has LOW unemployment, the major export is FISH, low inflation, etc... So forgiving the mortgage is easier and makes more sense than say the US.

      Steve
      Forgiving mortgages in the US may not be viable but still would make more sense than taking taxpayers money and giving it to the looting banks and scamming insurance companies as was actually done.
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      • Profile picture of the author seasoned
        Originally Posted by thunderbird View Post

        Forgiving mortgages in the US may not be viable but still would make more sense than taking taxpayers money and giving it to the looting banks and scamming insurance companies as was actually done.
        Well, there WERE a lot of "consumers" that were MORE responsible than the banks for the problems. And THEY got the biggest breaks. The only insurance companies to reallymake money off of it wereones selling PMI. PMI is a scam that AGAIN exists because of the consumers that just DON'T act responsibly!

        Steve
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        • Profile picture of the author Kay King
          Steve - I agree many people were responsible but they couldn't have gotten loans at all had the banks not been so anxious to keep the flow of mortgages coming to bundle up and resell those mortgages.

          The foreclosures in the past two to three years are on fixed rate mortgages of people who did qualify for a good mortgage - and lost their income. Many homes could have been saved by requiring the financial conglomerates to lower all mortgages to current prevailing lower rates in order to get their billions in bailouts. That would have lowered payments immediately and those who bought more than they could afford would face foreclosure - while tens of thousands of other homeowners might have been able to keep their properties. In the end, taking a loss of percentage of interest payments might have been cheaper than trying to unload millions of foreclosures.

          I question the Iceland comments as not a single reputable new organization has anything on this topic. I see the same claims with the same video repeated on dozens of blogs known for, shall we say, building a story by interpreting facts as they'd like them to be.
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