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View Full Version : Calif. cities eye plan to seize mortgages



cardmasters
07-16-2012, 07:34 PM
http://news.yahoo.com/calif-cities-eye-plan-seize-mortgages-190416716--finance.html

MadMan1978
07-16-2012, 08:45 PM
Interesting i would need more info on this

AUTaxMan
07-16-2012, 11:47 PM
There is no possible way that is constitutional.

theonedru
07-17-2012, 06:28 AM
— The city pays fair market value to the owner of the mortgage.

These cities are bankrupt they have zero $ to do this NONE NADA ZIP ZILCH. Why does this country keep on going like there is no financial crisis and have bottomless pickets of cash to throw away, are we that stupid?

indexed
07-17-2012, 06:47 AM
well it doesnt mention how they plan to fund this plan. But bankrupt cities love to take over industries like with Obama care. Only bankrupt states will entertain it as a option. Only broke counties would entertain taking over the mortgage industry.

Just look at it as nationalism. Simply, the county will collect mortgage payments instead of the banks. Banks wont want to lend anymore and the gov't will have a monopoly. SOmething tells me China has something to do with this. It appears that they own us almost completely no.

AUTaxMan
07-17-2012, 10:08 AM
— The city pays fair market value to the owner of the mortgage.

These cities are bankrupt they have zero $ to do this NONE NADA ZIP ZILCH. Why does this country keep on going like there is no financial crisis and have bottomless pickets of cash to throw away, are we that stupid?

Because if we face reality, politicians responsible will not get re-elected and businessmen responsible will get canned.