On Jul 21, 2012, at 2:46 PM, Robert Naiman wrote: > I guess that means Taibbi is an Obama apologist. Who knew? > >> Matt Taibbi has a major out supporting local government eminent >> domain >> use via MRP: >> http://www.rollingstone.com/politics/blogs/taibblog/from-an-unlikely-source-a-serious-challenge-to-wall-street-20120720 >> _ What Taibbi seems to miss is that to use eminent domain to seize a mortgage they have first to identify the legal owner of the mortgage (often scarcely even possible after all the sales slicing dicing and servicer shenanigans) and then go through a contested legal proceeding to determine in the absence of any market for individual moertgages its fair market value (with all "the law's delays" and legal fees piling up) as well as to justify the seizure in the first place. And this for each individual mortgage.
A much better way, it would seem, would be to seize *the house itself* from the foreclosing party immediately upon foreclosure. Of course that would encourage everyone with an underwater mortgage to stop payments right away to force foreclosure and then negotiate a new mortgage with the local government and its financier. That would be a real threat to the banksters and maybe even force the Obramney regime to do something about the mortgage crisis! Shane Mage "scientific discovery is basically recognition of obvious realities that self-interest or ideology have kept everybody from paying attention to" _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
