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Seizing Mortgages Through Eminent-Domain Power.
I don't like the idea of eminent domain except under unusual circumstances, but it usually requires 2 things:  1.  the government to pay fair market and to use it for public good.  But in this case it is a rigged deal-they are specifically going targeting  properties where the property values are temporarily depressed, to make a gain for political cronies by picking out the plum homeowners that are current on their mortgage.  I would like to see the legal brief that explains why it makes sense from the standpoint of the "public good" to eminent domain only those current on their mortgage and ignore those who are delinquent.  We have got to beat back the crony capitalism of the current regime.  At least one group in California has beaten a Goliath of government power.  Check out this legal battle that was finally won The Community Youth Athletic Center
http://www.ij.org/victimizing-the-vulnerable-eminent-domain-abuse-in-national-city-calif
Eminate-domain power is being considered by some California cities as a way to turn around the housing market.  The Wall Street Journal writes about it today.
At first glance, it might sound really good.  It reduces the principle down to current home values and allows  upside homeowners to get right side up again.  ... more

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