Eminent Domain With Vengeance

[Locutus]

via Fark:

1. Seize 5,000 homes through eminent domain, paying $150K ea. 2. Make citizens pay $190K to get homes back. 3. Pay off the guys who gave you this idea. 4. Profit

LAS VEGAS (CN) - The City of North Las Vegas is endangering its financial status with a cockeyed plan to seize up to 5,000 homes through eminent domain, buy them with public money and flip them, a man claims in court.

Gregory D. Smith sued North Las Vegas, its City Council and City Attorney Jeffrey Barr, in Federal Court. They are the only defendants.

"The City of North Las Vegas has entered into and embarked upon a plan to use the power of eminent domain to condemn and seize privately-owned residential mortgage loans in the City," the complaint states.

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Courthouse News Service

 

[PoliticalNick]

At first glance, especially the headline, this looks like a govt land-grab. Upon further reading and investigation this is an ingenius plot to allow homeowners to get out from under huge mortgages that far exceed the actual present value of the property, makes the city some money, and screws the secondary private mortgage market out of millions that they screwed the people out of when they took bail-out money while foreclosing upon millions of homes. If this moves forward all I can say is kudos to those who came up with the plan and, to those mortgage companies....KARMA IS A B*TCH!!!

 

[tay]

Good observation Political Nick


Now, if you want to see real Corporate Domain With Vengeance




Imagine, one day, that a massive, foreign company decided to dig through your backyard without your permission. When you went to law enforcement to try and stop the company, they brought in big city lawyers to try to throw your rights out the window.

And, if tearing through your property weren’t enough, this company would expose you and your family to serious health risks and threaten the water and safety of your community—and potentially millions of other Americans, too. Sound like a nightmare?

That’s exactly what’s happening to me.

My name is Julia Trigg Crawford, and our family owns a farm in Direct, Texas, which we inherited from my grandfather who purchased it in 1948. A major Canadian company, TransCanada, is trying to build a pipeline to transport a highly toxic hydrocarbon (called “tar sands”) from Alberta, Canada to Texas, to refine it and then export it to foreign countries.

TransCanada is trying to seize my land by claiming it has “eminent domain” rights, which is an area of American law that allows the seizure of private property if it serves a broader societal or economic good.


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