What to do when you don’t have $233.95 to pay your bill. From Geekologie.
Very funny, very creative and another way to respond to this types of letters :)
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.
Baseline Scenario on Facebook