Amen! It may be a necessity, but think about it California…Do the math. Take your land back and take your share…Hypothetical figure (conservative): $900 month payments X 67 million MERS mortgages X 12 months (1 yr.) = $723,600,000,000 new revenue stream annually – and this figure is conservative… it’s likely 2-3 times higher and this is JUST MERS. https://deadlyclear.wordpress.com/2013/11/15/more-cities-consider-eminent-domain-to-halt-foreclosures/
It’ll fill your coffers quicker than waiting for the banks to get healthy… cough, cough.
RICHMOND (KCBS) – Richmond city leaders were moving ahead with a plan to head off the foreclosure crisis, a plan that is not without controversy.
The city has offered to buy more than 600 underwater mortgages at below the homes’ current value.
“If they are unwilling to negotiate a sale of the loans, which we want them to do, then we will consider using eminent domain as another option topurchase these loans at fair market value,” said Richmond Mayor Gayle McLaughlin.
It isn’t always true that a half loaf is better than no loaf at all.
ED has always been the wrong idea. It is based on an incorrect diagnosis of the problem, an application of the wrong remedy, and afterwards that the government is much more involved in peoples lives, and with significantly more control.
The right remedy has always been to reinstate the rule of law, and in the process to properly apply the rules of evidence, and procedure. Where appropriate to charge criminally, prosecute, and where convictions are obtained, to incarcerate for a suitable length of time.
The time for talk, and half measures, is passed.