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Make the Banks Pay

posted by Adam Levitin

I have a post up on Salon.com.  Credit Slips readers will recognize it as based on a prior post here.


I want to see main street and the 99% gain the appropriate negotiating rights when it comes to restructuring their debts with the banks.

What is the point in going after a settlement with the banks if debtors don't gain equal negotiating footing with the banks first?

Presently, restructuring a debt requires a default by the debtor. This default requirement is an outrage.

It's like buying defective gasoline before traveling across the desert and then the gas station wants to charge for the tow truck they are going to send out to "save you" from their bad gas.

Until "Debt restructuring DOES NOT require a default first by the debtor", all other solutions will just be mini band aids that won't address the main wound.

Presently, restructuring a debt requires a default by the debtor. This default requirement is an outrage.

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