Eminent Domain...about to be abused...again...

[billc]

When the Supreme Court ruled that a government can take your property to sell it to another private citizen if that new citizen can generate more tax revenue...well, the mess was started. Now they want to use Eminent Domain to take mortgages...because they really want to help you...

http://www.breitbart.com/Big-Govern...Private-Mortgage-Investors-via-Eminent-Domain

[h=2]The City of Richmond, CA, has taken a fateful step towards invoking eminent domain to help home owners who owe more on their houses than they are worth – in some cases several times more. The city has sent letters to lenders, asking them to sell the loans on these homes at “fair value” in order to help these families stay in their homes; otherwise the City of Richmond plans to invoke eminent domain to condemn the loans.[/h]

Yeah...something tells me the original home owners aren't going to end up with the right end of this stick...

 

[arnisador]

This is brilliant, but it is also highly problematic. It unfairly cheats the mortgage-holders. Yet, the cities have a point--they don't want to end up looking like Detroit, with streets of abandoned houses. I'll be interested to see how it develops.