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40 Million Strong: Underwater Homeowners Can Fight and Win ... If They Get Organized

Business  (tags: americans, banking, business, debt, dishonesty, economy, finance, foreclosures, organize, money, mortgages )

- 2541 days ago -
It sounds like hype to say it, but underwater homeowners can change the course of history. It's not me saying that - it's the numbers. People who owe more than their homes are worth have the power to become the a powerful new political and economic force.


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Kit B (276)
Friday June 8, 2012, 9:23 am

It sounds like hype to say it, but underwater homeowners can change the course of history. It's not me saying that - it's the numbers. People who owe more than their homes are worth have the power to become the a powerful new political and economic force.

They've got the numbers, they've got the votes, and - if they can get organized - they've got the economic clout. And we can prove it.

This is something I and others have been pondering for a while, and it's been on my mind again as I look forward to being on a panel at the Take Back the American Dream conference with New York Attorney General Eric Schneiderman, Heather McGhee from Demos, and MSNBC's Alex Wagner. It also came up in a conversation we had this weekend on The Breakdown with members of the Home Defenders League, a group that's looking to organize underwater homeowners.

How powerful are those homeowners? The numbers are staggering.

40 Million Strong

A new and more acfurate study by Zillow shows that the number of underwater homes is higher than we had thought, and that that 16 million homes are underwater. If those households are the same size as the American average, then the average number of people living in them is 2.6. (I thought it might be higher, but I cross-tabulated some Census Bureau numbers and came up with 2.63.)

That's more than 40 million people.

40 million people is more than the population of Connecticut. Of Iowa. Of Mississippi. Of Kansas, Arkansas, Utah, Nevada, New Mexico, West Virginia, Nebraska, Idaho, Maine, Hawaii, New Hampshire, Rhode Island, Montana, Delaware, South Dakota, Alaska, Vermont, North Dakota, the District of Columbia, and Wyoming ...

In fact, it's more than all of them put together.

That's right: The number of people living in underwater homes is larger than the number of people living in twenty-two states and the District of Columbia. The residents of those states are represented by 44 Senators. The number of people living in underwater homes is greater than the entire population of California, our largest state.

By Richard (RJ) Eskow |Campaign for America's Future|

Excellent article - please read.


Azaima A (207)
Friday June 8, 2012, 9:40 am

Jason S (50)
Friday June 8, 2012, 10:48 am
The banks don't need there money, it are anyways

John C (75)
Friday June 8, 2012, 5:14 pm
Paul Krugman had to get it from somewhere......

Craig Pittman (52)
Friday June 8, 2012, 7:28 pm
If only eh. Let it be.

Sheryl G (359)
Friday June 8, 2012, 8:31 pm
All of these issues need to be taken care of by banding together, is why they like to bash the Unions, is why OWS is made fun of and crap stated "like do they know what they want, they are a bunch of lazy hippies" I've heard it all before during the protest on the VietNam War. Not until the numbers became so large all over this Nation does it begin to start moving things. So it's up and off your butts, roll up the sleeves, join something, as humble a group it may be, then see if similare groups are nearby and attend each others activities in the support to one another. Orlando, Deland, and Daytona Beach send members to each others Occupy rallies.

Kerrie G (116)
Saturday June 9, 2012, 4:36 am
Noted, thanks.

Robert O (12)
Saturday June 9, 2012, 1:22 pm
Thank you Kit.

Past Member (0)
Saturday June 9, 2012, 1:53 pm
Saving the banks and Wall Street should have been handled differently, with stipulations in place that homeowners and small ecologically focused start ups and existing businesses would also stay afloat. Loans stopped, while CEOS et al continue to amass wealth!

Mary Donnelly (47)
Saturday June 9, 2012, 5:21 pm
Thanks Kit.

. (0)
Saturday June 9, 2012, 5:21 pm
I will believe when I see it!

Kit B (276)
Saturday June 9, 2012, 5:58 pm

Janet P - been here since 2010 and still a cynic? Many good things happen when people come together for a common cause.

Dandelion has it "spot on" when we bring our problems together and speak out with one voice even the PTB must listen. Some may have money to buy elections and our representatives, but we each still have the power of the vote, the power of our voices.

*Powers That Be....

Max P. (6)
Sunday June 10, 2012, 4:38 am
As an underwater mortgage holder myself (I am still paying because I like my home and don't want to move) this is telling me that I should band together with others like me and NOT pay it? So this is saying since I made a poor investment, someone else should pay for it? That my friends is not only scary, it is just plain wrong. My mistake, my problem, not my neighbors, not yours.

R T (14)
Monday June 11, 2012, 5:38 am
I have to agree with Max P.
It is not the banks fault that you bought an underwater home, neither is it their fault you ended up paying to much for the home, so why should they have to take a loss on your bad investment.
If your bank is ripping you off with high interest rates or other charges, then you have a complaint, fight them on that.
Lets face it we are all partially responsible for the fact that there are underwater homes and we should be concentrating on doing everything we can to try to limit the damage climate change is bringing with it.
Put pressure on your Town, State and Govt representatives to become proactive in fighting climate change. The time for talk has long gone, we need action and plenty of it, right now.
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