Calif. City OK With Seizing Mortgages From Banks

[11B4V]

Right up Seedy's alley sticking it to the establishment.

(Newser) – Eminent domain is usually used to seize homes from people, but Richmond, California, in the early hours of this morning gave a tentative green light to a plan that would use it to keep people in their homes. In a contentious 4-3 vote, the city council voted to continue pursuing a plan under which it would offer to buy and modify 624 underwater mortgages from banks—and use eminent domain to seize them if the banks refused, CBS 5 reports. Some 300 residents showed up for the meeting last night, the San Francisco Chronicle reports, with many wearing a yellow or red shirt to signal their stance on the issue.

The council also rejected a proposal to force the investment firm it's partnering with, Mortgage Resolution Partners, to provide insurance against lawsuits from unhappy lenders. Wells Fargo and Deutsche Bank have preemptively sued, in a case that hits court tomorrow. MRP has proposed similar programs elsewhere, but financial industry outrage has prevented it, Reuters explains. But Richmond has an eager Green Party mayor, Gayle McLaughlin, and about half its homeowners are underwater, owing more than their homes are worth. Other towns have also expressed interest in eventually joining in.

http://www.newser.com/story/174091/calif-city-ok-with-seizing-mortgages-from-banks.html?utm_source=part&utm_medium=united&utm_campaign=rss_top

[Admiral Yi]

Ah, the Latin American Solution.

[Caliga]

[MadImmortalMan]

Richmond is a shithole. Don't ever go there. I was once refused service at a Taco Bell because I was white. That happened in Richmond. Also, the only high school I've ever seen with full-prison precautions in place. Mantrap fence to get in, barbed wire all over the place, everything.

[11B4V]

Richmond is a shithole. Don't ever go there. I was once refused service at a Taco Bell because I was white. That happened in Richmond. Also, the only high school I've ever seen with full-prison precautions in place. Mantrap fence to get in, barbed wire all over the place, everything.

Taco Time > Taco Smell

[Grey Fox]

It's a great idea.

[Admiral Yi]

 

[garbon]

Richmond is a shithole. Don't ever go there. I was once refused service at a Taco Bell because I was white. That happened in Richmond. Also, the only high school I've ever seen with full-prison precautions in place. Mantrap fence to get in, barbed wire all over the place, everything.

Seriously, I was lost once and noticed I was driving on highway near Richmond. I kept going before pulling over to figure out where I was.

[KRonn]

Richmond is a shithole. Don't ever go there. I was once refused service at a Taco Bell because I was white. That happened in Richmond. Also, the only high school I've ever seen with full-prison precautions in place. Mantrap fence to get in, barbed wire all over the place, everything.

Hah, you should have sued the restaurant. Maybe get a few grand out of it, or at least a few sandwiches.

[Admiral Yi]

Maybe a free house in Richmond.

[CountDeMoney]

I was once refused service at a Taco Bell because I was white. That happened in Richmond.

Wrong.  I was there.  It wasn't because you were white.  It was because you weren't driving an import.  Creepy ass Chevy.

[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.

[Ed Anger]

I'd like to create a command economy where Ide waits 6 hours in line for shitty toilet paper.

[Jacob]

I'd like to create a command economy where Ide waits 6 hours in line for shitty toilet paper.

Shitty toilet paper = previously used toilet paper?

[Sheilbh]

I agree with Ide, broadly.