The following ten items are the issues that are causing social injustice and problems within society. These are points that I believe are pertinent amongst the Occupy Movement. I may have missed some items, so please elaborate as needed.
Occupy Wall Street Objectives:
1. Problem: Housing Market
a. Loan Modifications- Lenders are NOT working with consumers
i. Excuses- Debt to Income too High- HUH?????
2. Interest rates on credit cards
3. Student Loans
a. Lower interest rates on loans in repayment
b. Income base repayment with loan forgiveness at some point
4. Medical bills after insurance payments
a. Wages are being garnished from collection agencies
a. Lack/ loss of jobs
6. Incarceration of poor people
a. Fines- no jobs/income
8. Soaring Gas prices
9. Bank Profit /Greed
10. Tax Breaks for the rich
Talking Points/Possible Solutions/ Ideas
1. The purpose of this program is to keep consumers in homes. Lenders want the homes to go into foreclosure as they get money from the federal government when this happens. They drag the out the process with the intention of making the loans go into default and then foreclosure.
Solution: Force lenders to work with homeowners, this is not regulated and lenders have free reign. Why won’t they lower interest rates, resulting in lower payments? For example: I paid $160,000 for my home and my outstanding balance is now $139,000. I currently have a 6.5% interest rate and my payment is $1450. This payment can be lowered down to $1000-$1200. Why isn’t Wells Fargo working with me? I have a job. I have sent in my request four times already and they keep denying me, this doesn’t make sense.
2. Why are interest rates on credit cards 22-29%? I have paid mine on time for years and the rate is still 22.9%. These banks have made so much money from me. They have already received four times the amount borrowed. They are making me tread water with this debt.
3. When Clinton was in office the interest rates were 2.75% and many students were able to pay off student loan debt. This is a solution and will help boost the economy. Currently people are faced with lousy jobs, no jobs, and high loan repayments. Are students turned into indentured servants?
4. Why are medical bills so high in the first place? There should not be high amounts still to pay after health insurance is applied. People can’t afford to pay this. As a result, people are being garnished of wages as these providers are sending the remaining balances to collections. The garnishment turns into a large debt because there are lawyer fees and court costs that are tied into the original amount sent to collection. Lawyers are actually using this to make a lot of money. They may have 30 people on their docket and if they acquire $200 for each wage garnishments, then they have made $6000 in a couple of hours. As a result of these wage garnishments people are then unable to pay other bills. The result is a snowball effect.
5. Jobs- Loss of jobs and jobs reclaimed with lower pay is a big issue. How are people supposed to pay for debt, living expenses, food, etc when there isn’t work? While out of work their credit cards, medical bills, housing payments all pile up. Interest charges and fees on credit cards, fines, court fees, other fines - all pile up into a huge ball of debt. And when they do find work they will be faced with wage garnishments. How will they boost the economy when they do find work and have limited funds to spend? The people that do have jobs are faced with salary freezes. Meanwhile, the cost of living goes up. Spending is what boosts our economy and if people aren’t able to do this, then we will have more problems. Are people to live like rats as they are most likely homeless at this point?
6. People are incarcerated after failure to pay fines. If they are jobless, how are they supposed to pay court costs/fines, etc. They may be jailed for silly offenses, but wind up in a cyclical never-ending loop because they are poor. Why is this being done? It costs society more to jail these people.
7. Protect it, conserve it!
8. Lower gasoline prices.
9. End greed /enormous bank profit. Golden parachutes. Customer service used to be the main objective of banks - then it turned into cross-selling. I used to work for a couple of banks and customer service was their focus and then things changed around 1996. We had to make goals/quotas, sell home equity products with adjustable arms. It turned evil, and that is when I quit that industry.
10. Why aren’t they paying taxes?
With all these issues the people are feeling frustrated, angry, hope-less. They see a bleak future of debt with no light at the end of the tunnel. Current Wall Street practices, the economy, bank power, whatever you want to call it - will cause further damage if not corrected. The banks have been bailed out on numerous occasions, but what happens to the citizens of the United States, the poor and middle class? It seems as if we are expected to tread water until we drown.
- Kelly Baker 11/22/11
- Posts: 92
- Joined: Sun Oct 09, 2011 8:06 pm
- Location: Chicago area
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