[whitedog57]

Government will seize mortgages using eminent domain and force losses on investors. How Venezuela/Cuba for our ruling elite!

[wolfman23601]

I don’t see how any graft could possibly result from this idea /sarc

[LuvFreeRepublic]

So the seller of the mortgage would be the bank who holds the original mortgage, and the bank would be forced to sell the mortgage for ‘fair market value’ to an investor. The new investor becomes the mortgage holder for the ‘home owner’. The home owner then repays the new mortgage to the investor. The bank or original mortgage holder gets to eat the losses. Is this a fair summary of this modification program?

[Lorianne]

Why not just let private investors make deals with homeowners to assume their mortagees and lower their interest (or whatever deal they want)? Essentially, why not let anyone be a “bank”? Then the large banks would have competition and would, in effect, be “broken up” into many smaller banks as they lose market share in the mortgage finance business.

[familyop]

"Taxpayers are not involved,..."

Yes, we are. The scheme is for keeping property taxes too high and regulators overpaid.

Get the foreclosures done. They're going to happen anyway, and no class of people is entitled to free, large luxury houses regardless of political/regulator constituent status.

Let the default process and national housecleaning proceed. Have fun. Enjoy the slide.