However, I hope someplace like San Bernadino county tries this scheme.
If you can't serve as a good example, you can at least serve as a horrible warning to others.
I would submit that heroin is less of threat to someone’s well-being than Rolling Stone is.
This is all about yet another way to stick this mess on to the tax payers and to enrich a few well connected people. Zerohdge has a pretty good write up on this scam:
http://www.zerohedge.com/news/guest-post-eminent-domain-mortgage-heist
The one thing that I’m not sure of is how these cities think that anyone will lend them money for this since they seem to be going bankrupt at an increasing rate. You would have to be stupid beyond belief to invest in municipal bonds in California right now, especially for some harebrained real estate scam.
Steven Gluckstern is a BIG bundler for Zer0
This is still a rob Peter to pay Paul kind of deal.
You end up with a sore peter and you cant get **** done with a sore peter.
The thing that really bothers me about all this is that the instruments that created this fiasco are still in place.
Fannie and Freddie need to go.
Frank and Dodd are gone but their treachery lingers on.
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Once again, they only focus on ‘underwater’ mortgage holders. I don’t like this plan because of that alone, not to mention the perils of eminent domain. I can’t see a good outcome from this.
I see they also want to ‘cherry-pick’ homeowners who are current in their payments. They don’t want to take a risk with those who don’t/won’t pay.
What happens to the legitimate financial interests of the banks who held the notes that led to foreclosure?
The banks will simply be robbed, not with guns, but by pandering politicians who will vote for the confiscation?
Now, the fallout: Banks, as ongoing businesses will be hurt, but the real theft will come from the myriad of stockholders and bondholders who own interests in the banks, many of them just average people who thought a bank stock or bond was a good investment for their retirement.
A further fallout will be a marked decline in mortgages approved. No bank will loan money on a home mortgage unless the collateral and credit rating of the borrower is sufficient to make sure that the bank cannot lose during a foreclosure in the future.
"So Andrew Breitbart is dead. Here’s what I have to say to that, and I’m sure Breitbart himself would have respected this reaction: Good! [F...] him. I couldn’t be happier that he’s dead." (On the morning following Mr. Breitbart's death. You see.. Breitbart abandoned liberalism and was me-e-e-e-an.)
Andrew Breitbart: Death of a Douche by Matt Taibbi.
I do not know much of his work.. but it seems to me he's just another ideological issue of 1960s Marxist-Alinksy campus radicals -- psycho spoiled brats all.
Matt Taibbi is truly an idiot of monumental proportions. He’s a raving, foaming-at-the-mouth anti-capitalist (a glaring flaming scorching red Communist). This just goes to show how naive leftists, like Taibbi, enable crony capitalism.
This whole idea is just a way for an Obama donor and bundler to plunder the assets of mortgage investors and get local municipalities to steal them for him.
Steve Gluckstern, the vicious rapacious greedy bastard behind this scheme, makes the fictional character Gordon Gekko look like a lemonade stand operator.