Calif. City OK With Seizing Mortgages From Banks

Started by 11B4V, September 11, 2013, 01:15:27 PM

Previous topic - Next topic

Razgovory

A bank can break into your house and steal all of your stuff without even leaving a note or you even being a customer of theirs and Yi will defend it.  In fact, he has.
I've given it serious thought. I must scorn the ways of my family, and seek a Japanese woman to yield me my progeny. He shall live in the lands of the east, and be well tutored in his sacred trust to weave the best traditions of Japan and the Sacred South together, until such time as he (or, indeed his house, which will periodically require infusion of both Southern and Japanese bloodlines of note) can deliver to the South it's independence, either in this world or in space.  -Lettow April of 2011

Raz is right. -MadImmortalMan March of 2017

dps

Quote from: Ideologue on September 11, 2013, 06:31:46 PM
Black-hatin' Languish aside, this is a fabulous plan.  I've been suggesting for years that we use eminent domain to create the command economy we need.  This is an important first step.

I hope when the bought judges rule against the council, they do it anyway.  NOW LET HIM ENFORCE IT.

See, this is another reason why planned economies like Ide wants won't work.  If the plan was put into place, nobody would ever be able to buy a home in Richmond ever again, because nobody would ever give them financing.

Razgovory

What exactly does a bank do with worthless ghetto properties?
I've given it serious thought. I must scorn the ways of my family, and seek a Japanese woman to yield me my progeny. He shall live in the lands of the east, and be well tutored in his sacred trust to weave the best traditions of Japan and the Sacred South together, until such time as he (or, indeed his house, which will periodically require infusion of both Southern and Japanese bloodlines of note) can deliver to the South it's independence, either in this world or in space.  -Lettow April of 2011

Raz is right. -MadImmortalMan March of 2017

Maximus

Quote from: dps on September 11, 2013, 07:19:46 PM
See, this is another reason why planned economies like Ide wants won't work.  If the plan was put into place, nobody would ever be able to buy a home in Richmond ever again, because nobody would ever give them financing.
Why would they need to buy it? The city council could just requisition one for them.

Ideologue

Quote from: dps on September 11, 2013, 07:19:46 PM
Quote from: Ideologue on September 11, 2013, 06:31:46 PM
Black-hatin' Languish aside, this is a fabulous plan.  I've been suggesting for years that we use eminent domain to create the command economy we need.  This is an important first step.

I hope when the bought judges rule against the council, they do it anyway.  NOW LET HIM ENFORCE IT.

See, this is another reason why planned economies like Ide wants won't work.  If the plan was put into place, nobody would ever be able to buy a home in Richmond ever again, because nobody would ever give them financing.

In seriousness, yes, if we're going to keep private real property (or at least private banks), it's probably a bad idea to force banks to sell their notes for pennies on the dollar, especially as a general rule.

Nationalizing banks is a no-brainer, though.
Kinemalogue
Current reviews: The 'Burbs (9/10); Gremlins 2: The New Batch (9/10); John Wick: Chapter 2 (9/10); A Cure For Wellness (4/10)

dps

Quote from: Ideologue on September 11, 2013, 07:30:53 PM
Quote from: dps on September 11, 2013, 07:19:46 PM
Quote from: Ideologue on September 11, 2013, 06:31:46 PM
Black-hatin' Languish aside, this is a fabulous plan.  I've been suggesting for years that we use eminent domain to create the command economy we need.  This is an important first step.

I hope when the bought judges rule against the council, they do it anyway.  NOW LET HIM ENFORCE IT.

See, this is another reason why planned economies like Ide wants won't work.  If the plan was put into place, nobody would ever be able to buy a home in Richmond ever again, because nobody would ever give them financing.

In seriousness, yes, if we're going to keep private real property (or at least private banks), it's probably a bad idea to force banks to sell their notes for pennies on the dollar, especially as a general rule.

Nationalizing banks is a no-brainer, though.

Yep, an idea advocated by the brainless.

Ed Anger

Ide needs to wait in line for 8 hours for his Reese Cups.
Stay Alive...Let the Man Drive

Ideologue

Kinemalogue
Current reviews: The 'Burbs (9/10); Gremlins 2: The New Batch (9/10); John Wick: Chapter 2 (9/10); A Cure For Wellness (4/10)

Ed Anger

Stay Alive...Let the Man Drive

Ideologue

Kinemalogue
Current reviews: The 'Burbs (9/10); Gremlins 2: The New Batch (9/10); John Wick: Chapter 2 (9/10); A Cure For Wellness (4/10)

mongers

"We have it in our power to begin the world over again"

Sheilbh

Quote from: dps on September 11, 2013, 07:19:46 PM

See, this is another reason why planned economies like Ide wants won't work.  If the plan was put into place, nobody would ever be able to buy a home in Richmond ever again, because nobody would ever give them financing.
The people are in negative equity. Either way the bank's are a little fucked and about half the time the mortgage the council wants will be either owned or guaranteed by the state anyway.

Buy the mortgages, restructure or refinance them so that people who can still pay can keep their homes and eventually redeem their mortgages, and in some cases they're able to take advantage of the extraordinarily low-rate of interest.

It'd be better nationwide but aside from that let councils and local banks do it.

On the other hand I've just read about no recourse laws in some states (such as California) which from a British perspective is insane :blink:
Let's bomb Russia!

mongers

Quote from: Sheilbh on September 11, 2013, 08:03:44 PM
Quote from: dps on September 11, 2013, 07:19:46 PM

See, this is another reason why planned economies like Ide wants won't work.  If the plan was put into place, nobody would ever be able to buy a home in Richmond ever again, because nobody would ever give them financing.
The people are in negative equity. Either way the bank's are a little fucked and about half the time the mortgage the council wants will be either owned or guaranteed by the state anyway.

Buy the mortgages, restructure or refinance them so that people who can still pay can keep their homes and eventually redeem their mortgages, and in some cases they're able to take advantage of the extraordinarily low-rate of interest.

It'd be better nationwide but aside from that let councils and local banks do it.

On the other hand I've just read about no recourse laws in some states (such as California) which from a British perspective is insane :blink:

Why is it insane?
"We have it in our power to begin the world over again"

garbon

Quote from: mongers on September 11, 2013, 08:01:27 PM
Progress at last.   :)

Sure, if progress means keeping Richmond a terrible place to live.
"I've never been quite sure what the point of a eunuch is, if truth be told. It seems to me they're only men with the useful bits cut off."

I drank because I wanted to drown my sorrows, but now the damned things have learned to swim.

Razgovory

Quote from: garbon on September 11, 2013, 08:17:32 PM
Quote from: mongers on September 11, 2013, 08:01:27 PM
Progress at last.   :)

Sure, if progress means keeping Richmond a terrible place to live.

Indeed, row after row of uninhabited houses worked so well for Detroit.
I've given it serious thought. I must scorn the ways of my family, and seek a Japanese woman to yield me my progeny. He shall live in the lands of the east, and be well tutored in his sacred trust to weave the best traditions of Japan and the Sacred South together, until such time as he (or, indeed his house, which will periodically require infusion of both Southern and Japanese bloodlines of note) can deliver to the South it's independence, either in this world or in space.  -Lettow April of 2011

Raz is right. -MadImmortalMan March of 2017