Iceland Forgives Mortgage Debt for the Population (oops - not accurate)

[Avocadess]

http://www.infowars.com/iceland-forgives-mortgage-debt-for-the-population/

Politicians and Bankers put on the bench of the accused.

WAY TO GO ICELAND...!!! :hail: WOO-HOO...!!!

[Erich]

I saw this on a few other sites and tried to find second or third mention, but was unable. Has anyone else news of this? I'd like to send it around to friends, but not until I have some additional confirmation. Any Icelandic members?

[Avocadess]

I've been hearing about Iceland for some time from David Wolfe, who has traveled there several times. It has been an ongoing story for a while. Here are older articles:

http://www.infowars.com/why-iceland-should-be-in-the-news-but-is-not/

http://www.infowars.com/just-say-no-to-corporate-greed-the-case-of-iceland/

[Endity]

Wish this came from another source besides infowars. Sure hope this is legit

[StarDust]

Sounds like the core of the story came from the Spanish language newscast (see video). Think about how fast the US economy would rebound if all existing mortgage debt were absolved. People's "disposable income" would get a massive boost.

[Avocadess]

The links I gave are all infowars, but if you look you will see one or more are reprints from other sources. Like I said, I've been hearing about Iceland for a while -- and when I was learning about this it was NOT through infowars.

[scarletfire]

Its funny how American MSM won't touch this subject as it may give us common folk ideas...guess we can add it to the long list of important stories that only the inquisitive will find. Hopefully Iceland will return to the economic, social and environmental stability that was enjoyed prior to the cabal liquidation of resources and will continue to demand bankers to right their many wrongs. Also, I cast my vote to the candidate who has the stones to bring up this kind of solution to economic hardships here in the US. Right now Americans have little choice in helping economic tensions here at home, two choices...more Obama or Romney who endorses the "ryan budget" which would cut nothing from the ridiculous military budget and everything from social programs and tax breaks on retirement accounts, mortgage interest and qualified dependent loopholes....the kind of thing that keeps most of us above water. Sometimes its hard to remain hopeful, this kind of story certainly helps, thanks for the post! :cool:

[markpierre]

It's kind of funny, it seems radical. But it's the only reasonable and or ethical thing to do. Like a no brainier. Pure genius.

[Billy]

Is Iceland the example and the rest of the world will follow. Hope so.

[meeradas]

Just day-dreamt about going to Iceland, for a week of biking, filming, being quiet.
Felt very very good. Even more now. Their idea will spread around the globe, no matter what.

Why not appetize here?

4vylAqx4Qjk

[TWINCANS]

Personally I think the now-viral story of Iceland completely forgiving all mortgage debt just doesn't sit right, more wishful than logical. On the infowars.com article one of the commentors who is an Icelander says it's just not true. So being of Icelandic descent myself, I looked further and found this. I can't comment on the validity of the source but the phrasing makes much more sense.

"Icelandic banks agreed to forgive all mortgage debt over 110% of a home's value."

http://www.dailykos.com/story/2012/02/24/1067831/-Iceland-Solves-Banking-Crisis-by-Indicting-Bankers-Forcing-Mortgage-Relief

Anyone find anything else on this? Love to hear from someone living in Iceland.

[mountain_jim]

another report that restates this...

http://wizbangblog.com/2012/04/14/did-iceland-forgive-the-majority-of-its-citizens-mortgage-debt/



Did Iceland forgive the majority of its citizens’ mortgage debt?

April 14, 2012 | Filed under Economics,Foreign Affairs | Posted by Michael Laprarie

An unbelievable story, the source of which appeared to be a single Spanish-language news broadcast, made the blogosphere rounds yesterday: Iceland is forgiving nearly all of its citizens’ mortgage debt!

According to the report, the government of Iceland “put politicians and bankers on the bench of the accused” in response to the public outcry after the near-collapse of Iceland’s banking system and an embarrassing bailout by the IMF in 2008. The context of the report implies that the cancellation of debt (and, presumably, the forced disposal or write-off of mortgage-based bank assets by the government) was done as a sort of punishment for the irresponsible fiscal policies of the banks. The report lauds the actions of the Iceland government as “a very different way from the one chosen by the rest of Europe to overcome the crisis.”

Hmmm … “different” for sure. And mostly untrue. Here’s a more accurate picture of Iceland’s debt restructuring program: “IMF Says Targeted Debt Reduction Policies Can Work”


In the case of Iceland the situation was more difficult, due in part to the much bigger proportion of the population that was affected, and to the wide presence of foreign currency mortgages.

The government and the newly constructed Icelandic banks developed a template to be used in case by case restructuring discussions between borrowers and lenders. The templates facilitated substantial debt write-downs designed to align secured debt with the supporting collateral (i.e bring the loan into line with the value of the house) and align debt service with the ability to repay.

The IMF found that such case by case negotiations safeguard property rights and reduce moral hazard, but they take time. As of January of this year, only 35% of the case by case restructuring applications had been processed. To speed things up, Iceland has introduced a debt forgiveness plan which writes down deeply underwater mortgages to 110% of the households’ pledgeable assets.

It noted that only when a comprehensive framework was put in place and a clear expiration date for relief measures announced that debt write-downs finally took off. As of January 2012, 15 to 20% of all Icelandic mortgages have been or are in the process of being written down.

…which sounds a lot more reasonable and realistic than the Spanish language report, which appears to be highly inaccurate. Even in a small nation like Iceland (320,000 citizens) the process of re-evaluating home values and restructuring mortgages to more closely match those values (along with the current financial situations of borrowers) is a slow and time consuming process. And of course it would be an utter disaster if banks were forced to simply erase a significant portion of their assets, regardless of how well-intentioned the reasons were. But it’s good that Iceland is making a serious attempt at helping honest borrowers keep their homes and pay back their mortgage loans.

It’s also reassuring to see that they’ve put the heads of both politicians and bankers on the chopping block, which is more than I can say for our own government.

[butcherman]

where is lord sid when you need him lol


Butcherman

[ThePythonicCow]

where is lord sid when you need him lol
Over here (http://projectavalon.net/forum4/showthread.php?43713-Lord-Sidious-on-the-radio-now-), it seems.

[Logan]

As an Icelander this is great news!! :)

[christian]

It's not true it seems, there must have been a misunderstanding somewhere. This was commented under the article, when it was posted unchanged at infowars:




Sigh, I cant believe this video has gone so viral that it’s up on Infowars.

Let me start by saying **I AM ICELANDIC**
This video simply IS NOT ACCURATE
It is NOT ACCURATE!!!

I will link you three REAL websites that carry Icelandic news in ENGLISH (no I’m not affiliated with any of them)
Do you guys really think all three sites would not mention HUGE piece of news like this if it was true?

grapevine dot is

icelandreview dot com

icenews dot is

I know Iceland has been built up on the internet as some sort of poster boy for how to do things vs the banksters and some of that has been inaccurate but this has gone way too far now. That video is NOT ACCURATE!

I saw that video last night and laughed at it and thought nobody could possibly pay attention to that crap. I wake up this morning and it’s all over the place without anyone questioning anything. One source for huge piece of news like this and you just run with it without even checking local websites? hah!

Check all the icelanders in the comments on youtube, they are all saying the same thing!

[Avocadess]

I should say that when I say I have heard about this for a long time I was talking about how Iceland gave the middle finger to the bankers. I have a friend who has visited Iceland at least a couple times in the past two years and have heard some of these things from him directly. Regarding the mortgages being forgiven to all the people in Iceland -- this was NEW news for me, but did not seem strange to me (that is, no stranger then clearing debts across the board like a "reset" button). But of course this would not be entirely fair when you consider some people may have almost had their house paid off while others just bought a house months ago and had years of payments due. My apologies for spreading disinformation, if that is what it is. And I trust Christian is telling the truth, so I am assuming that the mortgage story from InfoWars was not true.

I will also add that I was not totally realizing that Alex Jones is a hack for the powers that were (although I truly believe that he does not realize this). I doubt I'll be getting any of my news from him again (though I certainly never cared to listen to him much or often due to his anger and fear-mongering issues).

Please forgive me!!

[ThePythonicCow]

Please forgive me!!
Sure - no biggie.

I added a "(oops - not accurate)" to the thread title, since I am pretty sure from what I've seen now that this was a confusion, apparently by the TeleSUR (http://en.wikipedia.org/wiki/TeleSUR) network in the video linked to from the InforWars article (http://www.infowars.com/iceland-forgives-mortgage-debt-for-the-population/) mentioned in the opening post of this thread.

[christian]

I will also add that I was not totally realizing that Alex Jones is a hack for the powers that were (although I truly believe that he does not realize this). I doubt I'll be getting any of my news from him again (though I certainly never cared to listen to him much or often due to his anger and fear-mongering issues).

Please forgive me!!

We don't have to believe anything.
But I wanted to believe the story as well.
Especially as it is about Iceland, their last coup against the banker occupation was such a nice thing to witness :)

I won't call Alex a hack for TPTW for that, maybe it wasn't even him, who posted the story on infowars, I mean the man is busy enough and anyways he can be wrong every now and then, just as we all are, while we're trying to stay afloat in a quagmire of disinfo.

[EnergyGardener]

I will also add that I was not totally realizing that Alex Jones is a hack for the powers that were (although I truly believe that he does not realize this). I doubt I'll be getting any of my news from him again (though I certainly never cared to listen to him much or often due to his anger and fear-mongering issues).

Please forgive me!!

We don't have to believe anything.
But I wanted to believe the story as well.
Especially as it is about Iceland, their last coup against the banker occupation was such a nice thing to witness :)

I won't call Alex a hack for TPTW for that, maybe it wasn't even him, who posted the story on infowars, I mean the man is busy enough and anyways he can be wrong every now and then, just as we all are, while we're trying to stay afloat in a quagmire of disinfo.

I too have been searching for more credible information on both Iceland's departure from B.I.S. and private debt forgiveness—I am still hoping Jackovest provides that soon...:rolleyes: While we currently are short on both does not necessarily prove that it has not or isn't still in the process of happening. We do know from Drake that is planned for the US and the world, so why are we so quick to claim it false?

Regarding the fairness of those that have already paid off all or most of their mortgages, let's consider the glass half full: Let's consider the fairness issue that those with smaller mortgages likely enjoyed other advantages that allowed them that accomplishment, that clearing all debt helps level the playing field, almost: Let's consider that in the short term of 2 - 10 years perhaps, many will remain in their current homes, but only until new communities replace what we will soon consider slums, rendered obsolete with new technologies and materials, bringing nature inside, the home outside. I believe even the most beautiful homes that are currently considered mansions will soon become tacky boxes in comparison. There will be ample justification for all to accept elimination of debt, envy and with updated robotics, anything longer than a "required" 10-hour work week.

It's time to move on in every way...

[foreverfan]

Alex looks creditable enough to me.

http://cache.ohinternet.com/images/4/45/AlexJones.jpg

[ThePythonicCow]

The discussion of Iceland Mortages, debt forgiveness and related issues continued on this thread: U.S. Rothschild-Controlled Media Blacks Out Debt Forgiveness in Iceland (http://projectavalon.net/forum4/showthread.php?44288-U.S.-Rothschild-Controlled-Media-Blacks-Out-Debt-Forgiveness-in-Iceland).