July 16, 2012
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.
Thus preparing us for today's Heinlein quote:
Every law that was ever written opened up a new way to graft.Quote of the Day Posted by JohnGalt at July 16, 2012 3:49 PM