Calif. City OK With Seizing Mortgages From Banks

[Sheilbh]

Why is it insane?

From a British perspective - we've nothing like it and I can't imagine what possible benefit it could bring that would outweigh the costs.

[CountDeMoney]

Why is it insane?

From a British perspective - we've nothing like it and I can't imagine what possible benefit it could bring that would outweigh the costs.

The Bill of Rights only applies to the citizen's defense against government.  Being protected from corporations or banks in America doesn't increase shareholder value.  I mean, duh.

[garbon]

Why is it insane?

From a British perspective - we've nothing like it and I can't imagine what possible benefit it could bring that would outweigh the costs.

The Bill of Rights only applies to the citizen's defense against government.  Being protected from corporations or banks in America doesn't increase shareholder value.  I mean, duh.

Didn't we already learn recently that saying "shareholder value" is a weak gloss for what is really being said?

[Iormlund]

Why is it insane?

From a British perspective - we've nothing like it and I can't imagine what possible benefit it could bring that would outweigh the costs.

A non-recourse mortgage makes it much easier to start anew. There are hundreds of thousands, maybe millions of people in Spain who have been evicted or might be evicted and will still be liable to pay for decades. Seeing their earnings go to the banks only encourages these people not to work or do so illegally, which erodes the tax base and worsens worker conditions.

It also increases the risk banks take, which means higher interest rates and smaller loans. This should alleviate real estate bubbles.