Government
Aug. 8, 2013
Rather serious question ignored in mortgage condemnation chatter
All this talk about whether the government can use eminent domain to take these "underwater" deeds of trust has diverted attention from the question of whether cities can afford what they propose to do.
The city of Richmond has announced that it means to go ahead with the harebrained scheme of using eminent domain to acquire mortgages on "underwater" homes at bargain prices, thereby screwing the lenders, then renegotiating loan balances with the owner/occupants of those homes and making a buck in the process for the private promoters of this scheme and for itself. The idea is that the homeowners, who signed loan contracts requiring them to make high monthly payments based on high prices...
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