July 16, 2012

RAHQOTD

As California cities declare bankruptcy like dominoes, a pair of them are now holding public hearings on a proposal to sieze underwater private homes from lenders via eminent domain, paying the lender a "fair value" for the property, then assisting the borrower in refinancing at a lower principal and with favorable interest rates. The scheme was apparently concocted by a private corporation:

Steven Gluckstern, chairman of the newly formed San Francisco-based Mortgage Resolution Partners, says his main concern is to help the economy, which is being held back by the mortgage crisis.

"This is not a bunch of Wall Street guys sitting around saying, 'How do we make money?'" he said. "This was a bunch of Wall Street guys sitting around saying, 'How do you solve this problem?'"

Thus preparing us for today's Heinlein quote:

Every law that was ever written opened up a new way to graft.

-- RAH 'Red Planet' (1949)

Quote of the Day Posted by JohnGalt at July 16, 2012 3:49 PM
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