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Sunday, September 2, 2012

Underwater Mortgages: The Most Hair Brained Statist Initiative I've Yet to Hear

The real estate bubble was substantially driven by the government and the banksters who devised mortgage lending programs that went like this: No money, no problem, no job, no problem, bad credit, no problem. Of course the realtors and home builders massively filled up campaign coffers to get such insane lending practices implemented. Offered a deal they couldn't refuse, the American people took the bait and loaded up with McMansions and real estate that they couldn't afford even in a decent economy. Well, judgment day always arrives along the lines of the laws of gravity.

Although there really are no viable solutions to the real estate debacle other than the free market solution, that hasn't stopped energetic collectivists and evil rent seeking business interests from joining hands in a scheme that can only be described as the mother of all collectivist confiscatory insanity.

A Huffington Post piece documents evidence of the scheme, although the scheme is not exactly new and has been kicked around for a while.

A group of private investors want to use eminent domain to seize mortgages for pennies on the dollar. This automatically stiffs and plunders mortgage bondholders ...
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