Discussion in 'Current Events' started by Truthmatters, Aug 16, 2012.
Governments mull radical solution to underwater mortgages: seize them - Economy Watch
Turn out the lights at that point the country is over
Eminent domain is an outrageous overreach by government.
It has already started......................Beginning to hear radio spots...........
So its going down pretty sour on the right huh?
Can you explain exactly why its bad in this situation or is it in any situation you dislike eminent domain?
Especially since seizing the homes will be limited to those who are making their payments. Conditions for seizure are that all mortgage payments be current. The home will be seized and the property rented out, supposedly to the former homeowner, but that's not guaranteed. The former homeowner will stand in the same shoes as anyone else filling out a rental application with full diversity rules to be applied. Once the home is seized, the lender gets pennies on the dollar, but the homeowner gets zip. He had no equity interest since the home is worth less than what is owed.
My son was absolutely sweating this one out. He has no problem making his mortgage payments and never cared what the FMV of the house was. He was living there and intended to live there for a good many years. The idea that he could lose it and lose everything in the process scared his family to death. They would end up with no money and no home. However, we all pulled together, remodeled the kitchen, put new pavers in the patio and the home inched up to being worth $35,000 more than he owes so he's safe at least for now.
Do you know what you're talking about? Can you tell us in your own words what is proposed?
Crusader...You're joking, right?
I really don't agree with it in any situation, regardless. Sometimes, freedom is hard. Sometimes, it means fighting against something that is in your best interests. That is where I part company from many conservatives and liberals. You put your own interests above that of freedom, and the 'general welfare' of our nation... I don't.
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