Calif. city looks to use ‘eminent domain’ to seize loans to ease homeowners burden
by Steve Cooper • • Comments Off
The Conservative Monster
Using ‘eminent domain’ to seize property? I was waiting for this. The mortgage crisis was created by liberal politicians in Washington DC that pressured banks to give out loans to minorities with bad credit. This is bad business and of course it blew up in our faces.
Basically, the City of Richmond will offer banks $150,000 to buy a house with a $300,000 mortgage that is only worth $200,000. Then, they sell the house back to the owner at a lower payment er month. This sounds sweet, but eventually this pyramid scheme will come crashing down too.
Allowing the Government to own your home will give them powers over what you can do in that home or even who can live there. Who knows where this can lead to? #communism
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