Tuesday, July 10, 2012

Desperate times call for desperate measures

Housing's Last Chance? Try Eminent Domain

Every second home in San Bernadino County, California, is underwater, meaning the homeowner owes more on the mortgage than the house is worth. It has been clear for some time that the best way to keep troubled homeowners in their homes is by reducing the principal on their mortgages, thus lowering their debt burden and more closely aligning their mortgage with the actual value of the home. Local authorities should buy underwater mortgages using their power of eminent domain [compulsory purchase in the UK] — and then write the homeowner a new, reduced mortgage.

Posted by drewster @ 11:37 PM (988 views)
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One thought on “Desperate times call for desperate measures

  • “By the power vested in me as Lord of Grayskull, I grant you all … A Reprieve!”

    If only it worked like that outside the cartoons.

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