My idea is some non profit gets setup to manage a system where someone announces their mortgage and then they can have friends, family and second and third degree friends and families finance your loan.

Let’s say someone buys a $250k house. Each person puts in $100 and then they get a receipt showing they are owed $200 against their 1/2500th share of the mortgage. Repayments are paid the $200 in return in a random time frame of between the first month to the last month 30 years later. Repayment is completely randomized, meaning you could get your money back really soon… Or a really long time from then.

There are a lot of other ways you could build on this idea.

  • dragnucs@lemmy.ml
    3·
    4 hours ago

    A form of this exists but only compatible with smaller money amounts or whatever your entourage can bring in a bout a year maximum. I don’t know how you call it in English but a dumb translation from Moroccan practice would be “turn around” or “random drawing”.

    Basically you just gather a bunch of people, as many as you can manage and decide on a single share amount, periodicity and number of participants. Each month, every body contributes with the share and somebody takes it home.

    For example, you gather 10 people, and decide periodicity is 1 month. And decide the share is $200. You randomly draw the order of distribution. Some people do ask and negotiate the order of turns. Each month one person gets $2000 ($200 times 10) acorrding to the turns planing.

    Some people can contribute in 2 or more shares. They simply pay a multiple amount of the share and get to get paid in multiple turns. For example you can have only 8 people but 10 turns.

    You could call it turn based contribution.

    Once the whole period is elapsed, every body should have had all of their money back.

    People that have late turns feel like they simply saved money. People that have early turns feel like they got interest free, halal, loans from their friends.