Makes on wonder how much these loans could have been negotiated down to with the banks still making a decent profit? Almost two years ago the Rolling Jubilee, a project of Strike Debt (an offshoot of Occupy Wall Street), announced an ambitious stunt - raise $50,000 and abolish $1,000,000 in medical debt. They would do this by purchasing the debt on the shady national debt exchange markets - where calculating investors trade pain and suffering back and forth - and effectively burn the IOUs they would obtain. Turns out they raised over $700,000 and, in multiple stages, have managed to wipe out almost $15,000,000 in medical debts! With most of the still remaining money, the Rolling Jubilee folks turned their eye to Student Loan Debt and, today, September 17th, the third anniversary of Occupy Wall Street, announced that they had negotiated the purchase of $4,000,000 in such debt, at a cost of $100,000 (thats two point five cents on the dollar!). dailykos/story/2014/09/17/1330375/-Strike-Debt-s-Rolling-Jubilee-Erases-4-000-000-in-Student-Loan-Debt-For-100-000?detail=email
Posted on: Thu, 18 Sep 2014 23:05:02 +0000
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