Crowdsourced Debt Forgiveness: ?Rolling Jubilee? Is Occupy?s Latest PR Hit

Many Americans owe far less actual debt than their balance sheets imply, since banks are willing to accept pennies on the dollar to ensure at least some repayment on defaulted loans. Traditionally, debt collectors buy up the discounted loans from banks and harrass (strike) debtors to pay the full amount. In doing so they make a tidy profit by collecting more money than the bank would have been able to. Operation "Rolling Jubilee" aims to disrupt the predatory debt collector trade by using charitable donations to buy discounted loans directly from banks and never asking debtors to pay the full amount. After a star-studded opening New York gala, the Occupy Wall Street offshoot has raised enough to forgive $5 million in debt.

Source: http://feedproxy.google.com/~r/Techcrunch/~3/7G4l-e8P8ok/

hocus pocus hocus pocus mta schedule PECO chris christie Hurricane Sandy update weather channel