Sacramento and Elk Grove officials are exploring a controversial plan to use their powers of eminent domain to seize underwater mortgages from private investors and slash the amounts borrowers owe.
The proposal, pushed by a San Francisco-based group of financiers called Mortgage Resolution Partners, is meant to alleviate the drag on local economies of thousands of homes worth far less than buyers paid. It's also meant to turn a handsome profit for investors who would advance the vast sums needed to buy the mortgages.
The proposal has infuriated opponents in themortgage industry. They call it an illegal use of eminent domain, a power that gives government the right to seize property for the public good while paying just compensation.
I'm from the government and I'm here to help...Now give me your house.
ReplyDeleteand I will lower your payments but you will never own it.
ReplyDeleteBlatant communism
ReplyDeleteOK, now are you people done being Stupid?
ReplyDeleteThis is all part of the plan to TAKE your WEALTH so you can;t fight or rise up and when the time comes, and IT WILL... Martial law will be evoked or you will die but still have no liberties left...
And you JUST WAIT, you think Romney will win the election, your wrong the voting booths are rigged and obama will win again... This is when civil unrest comes... They know it to be because they want gun control steadfast...
There are stories of the military preparing for civil unrest. What do they know we don't?
ReplyDelete