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Penny Auction (foreclosure)
A penny auction is a collective action taken during the auction of a foreclosed property to force the sale of the property at a low price, with the intent of then returning the property to its previous owner. The process—usually achieved with a combination of intimidation, threats, and physical force—effectively circumvents foreclosure by forcing the lender to relinquish the property without an opportunity to recuperate the balance of the loan. The term arose during the foreclosure of farms during the Great Depression in the United States: neighbors would gather in large numbers at the auction and place bids of only a few pennies, while intimidating anyone who attempted to bid competitively. In the end, the bank that owned the farm would get whatever was bid and the neighbors would return the farm and its contents to the farmer. See also * Merle Hansen *Farmers' Holiday Association *Occupy Homes *Damnation (TV series) ''Damnation'' is an American period drama television ser ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Collective Action
Collective action refers to action taken together by a group of people whose goal is to enhance their condition and achieve a common objective. It is a term that has formulations and theories in many areas of the social sciences including psychology, sociology, anthropology, political science and economics. The social identity model Researchers Martijn van Zomeren, Tom Postmes, and Russell Spears conducted a meta-analysis of over 180 studies of collective action, in an attempt to integrate three dominant socio-psychological perspectives explaining antecedent conditions to this phenomenon – injustice, efficacy, and identity. In their resultant 2008 review article, an integrative Social Identity Model of Collective Action (SIMCA) was proposed which accounts for interrelationships among the three predictors as well as their predictive capacities for collective action. An important assumption of this approach is that people tend to respond to subjective states of disadvantage, whi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Auction
An auction is usually a process of buying and selling goods or services by offering them up for bids, taking bids, and then selling the item to the highest bidder or buying the item from the lowest bidder. Some exceptions to this definition exist and are described in the section about different types. The branch of economic theory dealing with auction types and participants' behavior in auctions is called auction theory. The open ascending price auction is arguably the most common form of auction and has been used throughout history. Participants bid openly against one another, with each subsequent bid being higher than the previous bid. An auctioneer may announce prices, while bidders submit bids vocally or electronically. Auctions are applied for trade in diverse contexts. These contexts include antiques, paintings, rare collectibles, expensive wines, commodities, livestock, radio spectrum, used cars, real estate, online advertising, vacation packages, emission trading, a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Foreclosed
Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan. Formally, a mortgage lender (mortgagee), or other lienholder, obtains a termination of a mortgage borrower (mortgagor)'s equitable right of redemption, either by court order or by operation of law (after following a specific statutory procedure). Usually a lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan. If the borrower defaults and the lender tries to repossess the property, courts of equity can grant the borrower the equitable right of redemption if the borrower repays the debt. While this equitable right exists, it is a cloud on title and the lender cannot be sure that they can repossess the property. Therefore, through the process of foreclosure, the lender seeks to immediately ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Owner
Ownership is the state or fact of legal possession and control over property, which may be any asset, tangible or intangible. Ownership can involve multiple rights, collectively referred to as title, which may be separated and held by different parties. The process and mechanics of ownership are fairly complex: one can gain, transfer, and lose ownership of property in a number of ways. To acquire property one can purchase it with money, trade it for other property, win it in a bet, receive it as a gift, inherit it, find it, receive it as damages, earn it by doing work or performing services, make it, or homestead it. One can transfer or lose ownership of property by selling it for money, exchanging it for other property, giving it as a gift, misplacing it, or having it stripped from one's ownership through legal means such as eviction, foreclosure, seizure, or taking. Ownership is self-propagating in that the owner of any property will also own the economic benefits of that p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lender
A creditor or lender is a party (e.g., person, organization, company, or government) that has a claim on the services of a second party. It is a person or institution to whom money is owed. The first party, in general, has provided some property or service to the second party under the assumption (usually enforced by contract) that the second party will return an equivalent property and service. The second party is frequently called a debtor or borrower. The first party is called the creditor, which is the lender of property, service, or money. Creditors can be broadly divided into two categories: secured and unsecured. *A secured creditor has a security or charge over some or all of the debtor's assets, to provide reassurance (thus to ''secure'' him) of ultimate repayment of the debt owed to him. This could be by way of, for example, a mortgage, where the property represents the security. *An unsecured creditor does not have a charge over the debtor's assets. The term creditor ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Loan
In finance, a loan is the lending of money by one or more individuals, organizations, or other entities to other individuals, organizations, etc. The recipient (i.e., the borrower) incurs a debt and is usually liable to pay interest on that debt until it is repaid as well as to repay the principal amount borrowed. The document evidencing the debt (e.g., a promissory note) will normally specify, among other things, the principal amount of money borrowed, the interest rate the lender is charging, and the date of repayment. A loan entails the reallocation of the subject asset(s) for a period of time, between the lender and the borrower. The interest provides an incentive for the lender to engage in the loan. In a legal loan, each of these obligations and restrictions is enforced by contract, which can also place the borrower under additional restrictions known as loan covenants. Although this article focuses on monetary loans, in practice, any material object might be lent. Ac ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Farm
A farm (also called an agricultural holding) is an area of land that is devoted primarily to agricultural processes with the primary objective of producing food and other crops; it is the basic facility in food production. The name is used for specialized units such as arable farms, vegetable farms, fruit farms, dairy, pig and poultry farms, and land used for the production of natural fiber, biofuel and other commodities. It includes ranches, feedlots, orchards, plantations and estates, smallholdings and hobby farms, and includes the farmhouse and agricultural buildings as well as the land. In modern times the term has been extended so as to include such industrial operations as wind farms and fish farms, both of which can operate on land or sea. There are about 570 million farms in the world, most of which are small and family-operated. Small farms with a land area of fewer than 2 hectares operate about 1% of the world's agricultural land, and family farms comprise about ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Great Depression In The United States
In the United States, the Great Depression began with the Wall Street Crash of October 1929 and then spread worldwide. The nadir came in 1931–1933, and recovery came in 1940. The stock market crash marked the beginning of a decade of high unemployment, poverty, low profits, deflation, plunging farm incomes, and lost opportunities for economic growth as well as for personal advancement. Altogether, there was a general loss of confidence in the economic future. The usual explanations include numerous factors, especially high consumer debt, ill-regulated markets that permitted overoptimistic loans by banks and investors, and the lack of high-growth new industries. These all interacted to create a downward economic spiral of reduced spending, falling confidence and lowered production. Industries that suffered the most included construction, shipping, mining, logging, and agriculture. Also hard hit was the manufacturing of durable goods like automobiles and appliances, whose purc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
US Penny
The cent, the United States one-cent coin (symbol: ¢), often called the "penny", is a unit of currency equaling one one-hundredth of a United States dollar. It has been the lowest face-value physical unit of U.S. currency since the abolition of the half-cent in 1857 (the abstract mill, which has never been minted, equal to a tenth of a cent, continues to see limited use in the fields of taxation and finance). The first U.S. cent was produced in 1787, and the cent has been issued primarily as a copper or copper-plated coin throughout its history. The penny is issued in its current form as the Lincoln cent, with its obverse featuring the profile of President Abraham Lincoln since 1909, the centennial of his birth. From 1959 (the sesquicentennial of Lincoln's birth) to 2008, the reverse featured the Lincoln Memorial. Four different reverse designs in 2009 honored Lincoln's 200th birthday and a new, "permanent" reverse – the Union Shield – was introduced in 2010. The coin is ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Merle Hansen
Merle Hansen (November 11, 1919 – March 27, 2009) was the founding president of the North American Farm Alliance and a spokesman for the plight of family farmers. Background Merle Elwin Hansen was born on his family's farmstead north of Newman Grove, Nebraska. After graduating from Newman Grove High School in 1938, Merle attended a business college in Chillicothe, Missouri. Hansen viewed farm policy as an issue of social justice and often urged farmers to align themselves with minorities, environmentalists, the urban poor, labor unions, and other constituencies often regarded as marginalized in American culture. During the Great Depression, Hansen's father was active in the Farmers' Holiday Association, a farm protest organization that advocated the withholding of farm commodities from markets as a means of raising farm prices, and the use of penny auctions as a means of stopping farm foreclosures. The Holiday's plan for increasing prices never proved feasible, but the "p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Farmers' Holiday Association
The Farmers' Holiday Association was a movement of Midwestern United States farmers who, during the Great Depression, endorsed the withholding of farm products from the market, in essence creating a farmers' holiday from work. The Farmers' Holiday Association was organized in May 1932 by Milo Reno.Description of Farmers' Holiday Movement Collection , Special Collections Department, Iowa State University The group urged farmers to declare a "holiday" from farming, with a slogan of "Stay at Home-Buy Nothing-Sell Nothing" and "Lets call a Farmer's Holiday, a Holiday let's hold. We'll eat our wheat and ham and eggs, And let them eat their gold". Farmers went to extreme measures to ensure that their wants were carried through. One person was killed when the farmers began to blockade r ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Occupy Homes
Occupy Homes or Occupy Our Homes is part of the Occupy movement which attempts to prevent the foreclosure of people's homes. Protesters delay foreclosures by camping out on the foreclosed property. They also stage protests at the banks responsible for the 2010 United States foreclosure crisis, ongoing foreclosure crisis, sometimes blocking their entrances. It has been compared to the direct action taken by people to prevent home foreclosures during the Great Depression in the United States. History The late-2000s financial crisis resulted in the collapse of some large financial institutions, the bailout of banks by national governments, and downturns in stock markets around the world. In many areas, the housing market also suffered, resulting in numerous evictions and foreclosures; in the U.S., 3.6 million homes have been foreclosed since August 2007. In 2008, a federal law termed the Troubled Asset Relief Program (TARP) was passed to spend 700 billion dollars to bail out banks. T ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
