Do you have adblock enabled?
If you can read this, either the style sheet didn't load or you have an older browser that doesn't support style sheets. Try clearing your browser cache and refreshing the page.

(LA Times)   Stories from the unintended consequences file: Using eminent domain to take mortgage-backed securities   (latimes.com) divider line 10
    More: Fail, eminent domain, unintended consequences, subprime meltdown, North Las Vegas, faith-based foreign aid, local governments, Federal Housing Administration  
•       •       •

1526 clicks; posted to Politics » on 01 Jul 2013 at 8:15 AM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



10 Comments   (+0 »)
   
View Voting Results: Smartest and Funniest

Archived thread
 
2013-07-01 08:25:47 AM  
Financial karate (or is it judo). Use their own tools against them.

/any tool is a weapon if you hold it right.
 
2013-07-01 08:38:43 AM  
Worth a try.
 
2013-07-01 08:55:36 AM  
fark the banks.    Do it.
 
2013-07-01 09:09:47 AM  
DNRTFA. I'm assuming more legal farkery by the banks to find original ways to screw over poor people?
 
2013-07-01 09:21:33 AM  
I'm all for fark the big banks.  Because well, do I need a reason?

But this just seems shady.  Follow the money and see who profits from it.  Then turn around and see who gets screwed.

If I were a betting man, the winners are the big money people somewhere, and the losers are the homeowners and taxpayers.
 
ZAZ [TotalFark]
2013-07-01 09:24:05 AM  
Why can't they take the houses by eminent domain, pay the fair market value which the banks could get in a foreclosure, and then write new mortgages to the current occupant?
Maybe that wouldn't eliminate the underlying debt.
 
2013-07-01 09:30:31 AM  
I assume just compensation for the securities was received?
 
2013-07-01 12:07:41 PM  

BizarreMan: I'm all for fark the big banks.  Because well, do I need a reason?

But this just seems shady.  Follow the money and see who profits from it.  Then turn around and see who gets screwed.

If I were a betting man, the winners are the big money people somewhere, and the losers are the homeowners and taxpayers.


The banks win because they get the risk off their books, but they only do so at a fraction of the value.  Although banks are forced to mark to market, there's still a delusion in the financial industry that the original value is still present and will return in due course.  In some ways, this approach is a lot like TARP, just at a municipal level.
 
2013-07-01 12:19:52 PM  
And watch home prices in that jurisdiction plummet through the floor as the banks who got screwed refuse to authorize any new loans in that zip-code.
 
2013-07-01 09:02:39 PM  

ZAZ: Why can't they take the houses by eminent domain, pay the fair market value which the banks could get in a foreclosure, and then write new mortgages to the current occupant?
Maybe that wouldn't eliminate the underlying debt.


the hedge funds et al that hold the "securities" are threatening endless litigation, and the company that brought up the idea is asking for a large commission to front the money to get this process rolling.


cefm: And watch home prices in that jurisdiction plummet through the floor as the banks who got screwed refuse to authorize any new loans in that zip-code.


these are the same banks that couldn't be bothered to check if the borrower could repay a loan.
 
Displayed 10 of 10 comments

View Voting Results: Smartest and Funniest


This thread is archived, and closed to new comments.

Continue Farking
Submit a Link »
Advertisement
On Twitter






In Other Media


  1. Links are submitted by members of the Fark community.

  2. When community members submit a link, they also write a custom headline for the story.

  3. Other Farkers comment on the links. This is the number of comments. Click here to read them.

  4. Click here to submit a link.

Report