She criticizes the bailout’s failure to protect homeowners facing foreclosure. Her advice to “squat” cleverly exploits a legal technicality within the subprime-mortgage crisis. These mortgages were made, then bundled into securities and sold and resold repeatedly, by the very Wall Street banks that are now benefiting from TARP (the Troubled Asset Relief Program). The banks foreclosing on families very often can’t locate the actual loan note that binds the homeowner to the bad loan. “Produce the note,” Kaptur recommends those facing foreclosure demands of the banks.
Now, she is recommending a radical foreclosure solution from the floor of the U.S. Congress: “So I say to the American people, you be squatters in your own homes. Don’t you leave.”
squatting in a property is Someone who is living there without paying rent and refusing to leave, vacant properties are frequently taken over by squatters which the owners may find very hard to get rid of
Originally posted by littleboat at 8-2-2009 00:23
I didn't read the article very carefully, but if I am not wrong, the "squatters" referred to here are homeowners who cannot pay their mortgages as quite often happen during the subprime c ...
You are right, what they are suggesting is because many of the actual loans were repeatedly sold on to different organisations and it is the final organisation or group of organisations who ultimately can order the repossession of the property, as these organisation could be foreign companies which have gone bust, been taken over and can be nearly impossible to identify, the writer is suggesting that in the event of your home being repossessed you can simply refuse to leave and "Squat" on the basis nobody knows who the debit is owed to.