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'via Blog this''A group known as American Homeowner Preservation (AHP) tried something similar to what Strike Debt wants to do in the home mortgage industry. AHP bought underwater mortgages in securitized packages for almost nothing and then drew up new terms for them, saving money for everyone involved.
When the banks and Freddie Mac figured out AHP's angle, they "simply hated the idea of a homeowner being able to stay in their house after a short sale." In some instances, they began asking for "an affidavit from the buyer saying that the former owner would certainly be kicked out" despite the fact that AHP bought the mortgage.
A bit vindictive, no?'
"By removing the financial pound-of-flesh from the equation, the Jubilee places an ultimatum at the feet of banks and debt brokers to make a moral judgment against those in debt. To refuse the offer, or to sell the debt with stipulations, a bank or debtor sends a message to debtors: they deserve their debt as a punishment for their moral torpor."
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