Calif city looks to seize loans to ease mortgages: You can form your own opinion about this, but I believe if this were allowed to happen it would have a devastating effect upon our...

Jim Plogger Loc: East Tennessee

You can form your own opinion about this, but I believe if this were allowed to happen it would have a devastating effect upon our free enterprise system which is already under fire from the current "business unfriendly" administration in the White House.

http://www.myrtlebeachonline.com/2013/08/25/3667087/calif-city-looks-to-seize-loans.html#emlnl=Afternoon_Newsletter

tschmath Loc: Los Angeles

jpintn wrote:

You can form your own opinion about this, but I believe if this were allowed to happen it would have a devastating effect upon our free enterprise system which is already under fire from the current "business unfriendly" administration in the White House.

http://www.myrtlebeachonline.com/2013/08/25/3667087/calif-city-looks-to-seize-loans.html#emlnl=Afternoon_Newsletter

Explain the downside of this plan.

Robert Graybeal Loc: Myrtle Beach

tschmath wrote:

Explain the downside of this plan.

..."eminent domain, which allows governments to seize private property for public use like a house in the path of a new highway or a piece of land needed for a new park."

there is 'no public use' here, just more intrusive, abusive government.

Jim Plogger Loc: East Tennessee

tschmath wrote:

Explain the downside of this plan.

I am sorry if you cannot see the downside of this intrusive invasion of private enterprise. This is morally wrong as well. It is time that individuals step up to the plate and take ownership of their mistakes...like borrowing money that they couldn't possibly pay back instead of placing the blame on the lending institutions. But here is the main downside....this CA city has no constitutional right to do what they are attempting. What next....seize the loan on your car because you can't pay for it??? The people that are going to get screwed here is Wells Fargo! But I am sure that many think that is alright....but it really is NOT alright.

krf4 Loc: Cuyahoga Falls, Ohio

Question; How can cities that claim they have no money to pay their employees pay for fair market value on homes? If they have money to do this then why wouldn't that city council have plans in place to assist their constituents?
Also, it seems as if there is one person associated with the company and they make a profit. Do we want to even go there? This housing problem should be a lesson about greed and wanting more than one can afford. That is what truly causes economic issues.

ole sarg Loc: south florida

The argument regarding the banks is specious at best. These guys created financial instruments (debentures) that were based on speculative value and that value was assigned to a property and sold the instruments to other bankers and the guy who bought his house on this fabricated value - which he thought was real because the bank said so - is now going to lose everything because of these schemes!

I should add that these moral bankers made millions on this scheme.

You expect me to have a sense of moral outrage over the government stepping in! The government should have stepped in immediately some 6 years ago by providing saviour loans and putting all these morally upright bankers in prison!

You speak of morals - I fear sir you have no idea of what morals are!

Jim Plogger Loc: East Tennessee

ole sarg wrote:

The argument regarding the banks is specious at be... (show quote)

Nothing of which you just stated has anything to do with the real issue here. The issue here is this California city looks to seize loans! You may be right about the bankers but this city still has no constitutional right to move forward with this plan.

Oh, and I have very high morals. I expect that you do as well....so let's stick to the real issue instead of attacking the poster.

Michael Hartley Loc: Deer Capital of Georgia

Can you spell,'EXTORSION'?

But, when a governmental body does it, for some reason, it's not extorsion anymore.

Audwulf Loc: Golden State

City and state officials (and some Feds) all over spend more than they take in, yet they go blithely along spending and giving away more money like there is no bottom in the treasury. Then its time to pay the Piper, and they go running around like Chicken Little, crying "What are we going to do?"
Then they try take away from those who worked for what they have, and call it "Austerity". They cut pay,(except their own) reduce hours, (Not their own, they don't put in to many as it is)and try every hair brained scheme they an think of, to get their (_O_)'s out of hot water. And guess who is suffering for it ?

Audwulf Loc: Golden State

Like "Pay a fine, or go to jail". Heard it called legal extortion, and legal ransom.

Michael Hartley wrote:

Can you spell,'EXTORSION'?

But, when a governmental body does it, for some reason, it's not extorsion anymore.

RixPix Loc: Miami, Florida

jpintn wrote:

You can form your own opinion about this, but I believe if this were allowed to happen it would have a devastating effect upon our free enterprise system which is already under fire from the current "business unfriendly" administration in the White House.

http://www.myrtlebeachonline.com/2013/08/25/3667087/calif-city-looks-to-seize-loans.html#emlnl=Afternoon_Newsletter

This is a prime example of the government of and for the people reacting to protect the interests of many law-abiding tax paying citizens against a nemesis which happens to be a financial institution with a dubious past. Democracy at its best!

RixPix Loc: Miami, Florida

jpintn wrote:

Nothing of which you just stated has anything to do with the real issue here. The issue here is this California city looks to seize loans! You may be right about the bankers but this city still has no constitutional right to move forward with this plan.

Oh, and I have very high morals. I expect that you do as well....so let's stick to the real issue instead of attacking the poster.

I say let the courts decide. This incident could be the beginning of the end of the systematic raping of the American Consumer by the banking industry.

jvo Loc: left coast of the east coast

jpintn wrote:

You can form your own opinion about this, but I believe if this were allowed to happen it would have a devastating effect upon our free enterprise system which is already under fire from the current "business unfriendly" administration in the White House.

http://www.myrtlebeachonline.com/2013/08/25/3667087/calif-city-looks-to-seize-loans.html#emlnl=Afternoon_Newsletter

your assumption is that we have a free enterprise system...

the loans to our biggest financial institutions to keep them from failing is prima facie evidence we don't!

DougW Loc: SoCal

RixPix wrote:

I say let the courts decide. This incident could be the beginning of the end of the systematic raping of the American Consumer by the banking industry.

So if YOU had lent the money for one of these loans you would be OK with the gov. taking the money out of YOUR pocket?

Jim Plogger Loc: East Tennessee

DougW wrote:

So if YOU had lent the money for one of these loans you would be OK with the gov. taking the money out of YOUR pocket?

Well said!!