Occupy Purchasing and Forgiving Homeowner Debt

This is beginning to get serious. In a good way.

The Rolling Jubilee, a project of Strike Debt, itself an arm of Occupy Wall Street, has been raising money from supporters to buy debt discounted by the original lenders to as little as two cents on the dollars—the kind of debt that’s typically sold to collection agencies. Having bought the debt, Rolling Jubilee will then forgive it. It is, in Occupy parlance, “a bailout of the ninety-nine per-cent by the ninety-nine per-cent.”

Occupy Returns, With a New Idea @ The New Yorker

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