Saturday, July 7, 2012

California to use eminent domain law to seize mortgages?

There are some topics just too big and too complex to discuss adequately in this little Pecozbill Blog. This is one of them... But I don't want anybody to miss this as it flies to the back of the news --- 'cause it's serious stuff.

Bottom line, two cities in California intend to use the 'Kelo vs City of New London' decision of the Supreme Court to seize underwater mortgages. Y'alll remember the Kelo case, New London wanted to condemn and seize the Kelo's home so they could sell it to a developer to build a shopping mall... The Supremes shrugged and said -- 'Who cares!"

Well now, well now - what these two Left Coast cities (both broke of course) want to do is condemn mortgages on underwater (mortgage is twice the current value) properties and then resell the mortgages at the lower value price; thereby reducing the homeowners lien amount by half. Put in the vernacular, the investors, retirement packagers, stock holders in the mortgage companies that hold these original mortgages that will lose half their savings can 'pound sand'!

I told you it's too complicated for me to explain here, but if you follow this link to Ed Morrissey's column, he summarizes it pretty well.

Folks, this is not your Daddy's country anymore...... and if this whole game don't rattle your chain - as a taxpayer, a property owner and an American - then you might as well just move along, ain't nothing to see here, folks!

When Kelo vs City of New London was tossed by the Supremes, that whole last clause of the 5th Amendment went down the toilet.... accompanied with Section 1 of the 14th Amendment......

You know they are chipping at the 1st Amendment, trying to get around the 2nd Amendment with a treaty ruse from the United Nations .... what's next?

To be honest, I do remember a televised interview with Obamanation before the 2008 election in which he said (paraphrased) 'I find the US Constitution too confining with too many limitations on what government can do.'

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