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

LEVI3 Wrote: Jul 17, 2012 11:26 AM
Bundlers are crooks buying influence with money other people are dumb enough to provide. Another promise broken by the "Dear Ruler". No lobbyists! "The Great Prevaricator" strikes again.

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...

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