Calif. City OK With Seizing Mortgages From Banks

[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.

[dps]

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?

[Maximus]

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]

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.

[dps]

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.

[Ideologue]

Saboteurs in the Reese's plant will be shot.

[Ed Anger]

Saboteurs in the Reese's plant will be shot.

I love that pic.

[Ideologue]

[mongers]

Progress at last.   

[Sheilbh]

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

[mongers]

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

Why is it insane?

[garbon]

Progress at last.   

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

[Razgovory]

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.