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

E. James Wrote: Jul 17, 2012 9:00 AM
Just another story for us grunts to gnash our teeth over UNLESS the Romney Campaign develops some gonads. There is increasing angst among Republican pundits on the way Obama is dictating the terms of the campaign. I've gone from somewhat confident to worried in the past few weeks. If we blow this one, we will see the unrepairable destruction of this country. Sometimes, campaign staffers are too confident or too proud to talk to others who might help. I fear that that's what we're seeing.

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