Creative Response to the Credit Crunch

Posted on November 16, 2008 by | 2 Comments

What to do when you don’t have $233.95 to pay your bill. From Geekologie.

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2 Responses to Creative Response to the Credit Crunch

  1. Nick | November 17, 2008 at 11:44 am |

    Very funny, very creative and another way to respond to this types of letters :)

  2. Andrew Merton | November 18, 2008 at 12:49 pm |

    A suggested market based mechanism for solving the problem. This is intended to use the power of the internet to help homeowners at grass roots level first and foremost:

    Modify any rules required to allow securitization trusts to auction off non performing individual mortgages on eBay, allowing individual homeowners and investors among others to bid to buy these mortgages. Information to be given on eBay to include Name, Occupation, Property, Payment Record, etc (modern punishment equivalent of being “put in the stocks”). Securitization trusts to be allowed to set a reserve price (below which foreclosure is their preferred option). Authorise Fannie Mae and Freddy Mac to raise funds in the market to offer 30 year fixed term rates to any homeowners who wish to use such a loan to refinance their mortgages, and also to offer financing to those homeowners bidding to buy their mortgages on eBay back up to an agreed level.