In response to:

Should-Have-Known File: Big-Time Obama Fundraiser in Mortgage Seizure Scheme

dsmith956 Wrote: Jul 17, 2012 10:24 AM
Actually, the Supreme Court has already OK'd this scheme. Look at Kelo v. City of New London, basically says that a municipality can take away private property for the benefit of another private property owner whose use will generate more revenue for the state. This case was a Souter special, which started a brief movement to try to take away his house to build a bed and breakfast, which would have generated more income. Too bad they didn't go through with that.
scott s. Wrote: Jul 17, 2012 4:50 PM
It really comes down to a decision from here (Hawaii Housing Authority v. Midkiff) where the court decided it was OK for Hawaii to force landowners to sell land that they had leased to homeowners.

Municipalities in California are considering a scheme whereby they seize home mortgages that are underwater through the process known as eminent domain, pay off investors at reduced rates, and allow new investors to refinance the underlying homes at current value.

“The eminent-domain gambit is being advocated by Steven Gluckstern,” reports the Wall Street Journal, “the chairman of Mortgage Resolution Partners, a San Francisco-based venture capital firm that has been the guiding force behind three California municipalities that are considering the approach.” 

And like all schemes weird and wacky in this Occupy Anything country we have become, it’s the brainchild...

Related Tags: Obama Mortgage