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Crazy California County Looks to Seize Underwater Mortgages Through Eminent Domain

Scott853 Wrote: Jul 10, 2012 9:41 AM
"constitutional issues will undoubtedly arise" So what? Roberts, a swing vote now, has signaled with his recent boneheaded decisions that he doesn't care one bit about the Constitution he's sworn to uphold, he only cares about his popularity. This will no doubt pass muster with dopes like Roberts.

Crazy California is at it again.  In another bone-headed attempt at messing up the real estate market instead of letting it reset on its own, officials in San Bernardino County have figured out a way to seize property.  Yes, that’s right; they have come up with a way to “save” homeowners from underwater mortgages by using eminent domain.  They call it the “Home Ownership Protection Plan”.  In order to qualify you have to be current on your mortgage payments and you can’t have a Fannie Mae or Freddie Mac loan.

Eminent domain, broadly understood, is...

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