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OccupyWallSt buys zombie debts

May 11, 2013

Courier-Journal: “‘Zombie debt’ part of $1.1 million in Louisville medical bills bought by Wall Street protesters” by Jere Downs (also in USAToday: “Occupy Wall Street group puts ‘zombie’ debt to rest” and “Occupy group kills ‘zombie’ debt“)

The article is about a group of Occupy Wall Street>/a> that has purchased over a million dollars in old debts, like a debt collection agency might, but with the intent to absolve rather than haunt the debtors.

zombie jere downs zombie james jim mctague barrons

And in Barrons: “Fannie, Freddie, Zombie” by Jim McTague – is a related problem but is mistitled because it’s about vampires:

Here’s the financial equivalent of the popular Twilight vampire franchise: Politicians are sucking the blood out of resurgent mortgage guarantors Fannie Mae and Freddie Mac … Alas, Fannie and Freddie have loss carry-forwards valued at about $60 billion. Left on their books, it’s counted as equity capital. The vampires in the administration and on Capitol Hill want Fannie and Freddie to transfer that credit to Treasury for use in deficit reduction. Treasury also continues to sweep capital out of both companies every quarter for its preferred dividends, keeping them weak. And they call this a conservatorship. I call it a vampire’s blood bank.

The vampires are feeding on the zombies? Recall Goldman Sachs is a Vampire Squid and GM/GMAC vampire contollers

Maybe if we could #Occupy the government, we could bail out the People, instead of funding banks by dismantling mortgage assistance. …?

From → debts, money, Occupy, politics

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