There ya go – Baltimore, Maryland! I can’t begin to tell you how proud we are. The 13 original colonies should take heed – this is the way to protect against a Wall Street land grab. They’ve got no real backing to the funds they issue. Land is the new gold and silver standard.
The debate over eminent domain as a tool to sieze underwater mortgages from banks and trusts rages on, and has gone from city to city as local municipalities grapple with ways to help build or restore their tax basehelp homeowners.
The latest city being pushed to consider the use of the controversial tactic is none other than Baltimore:
A California city’s controversial plan to use eminent domain to help its residents burdened with mortgages worth more than their homes has caught the eye of some Baltimore leaders, who say the city might benefit from the program.
There are thousands of such underwater mortgages in Baltimore, so 4th District Councilman Bill Henry has asked the City Council to explore the possibility of using the city’s power to take mortgages from banks and then work with a private firm to refinance the loans based on current property value.