The Wall Street Journal had a front-page article entitled "Cities Consider Seizing Mortgages" just two days ago.
The information in the article allows us to derive a formula that tells us how Emperor Obama and imperial functionaries plan to convert private property and rearrange capital markets for the "public good."
San Bernadino County officials -- together with the venture capital firm Mortgage Resolution Partners (MRP) and particular investment banks -- are looking for California judges who are willing to join with them in order to steal private property for the purpose of self-enrichment and, of course, for the purpose of advancing the public good.
The thieves' tool is eminent domain. A key player is Mr. Roger Altman, who "served in the Clinton administration and is raising funds for President Obama's re-election effort."
According to the article, Mr. Altman's investment bank, Evercore Partners, together with the investment bank Westwood Capital, has been retained by MRP for the purpose of raising funds from private investors. The goal is to channel those funds to cities that will then seize, via the gavels of judges, certain underwater mortgage bonds currently held by firms who seem not to be as selfless as our valiant protagonists.
Just call it a novel play in what might be a burgeoning "post-securitization" market.
You see, San Bernadino County, and many other areas, have high percentages of homeowners saddled with underwater mortgages.
The poor homeowners -- so loaded with debt that they don't buy enough things! And think of what more foreclosures would do to home prices! In turn, what would that do to property tax revenues?
The information in the article allows us to derive a formula that tells us how Emperor Obama and imperial functionaries plan to convert private property and rearrange capital markets for the "public good."
San Bernadino County officials -- together with the venture capital firm Mortgage Resolution Partners (MRP) and particular investment banks -- are looking for California judges who are willing to join with them in order to steal private property for the purpose of self-enrichment and, of course, for the purpose of advancing the public good.
The thieves' tool is eminent domain. A key player is Mr. Roger Altman, who "served in the Clinton administration and is raising funds for President Obama's re-election effort."
According to the article, Mr. Altman's investment bank, Evercore Partners, together with the investment bank Westwood Capital, has been retained by MRP for the purpose of raising funds from private investors. The goal is to channel those funds to cities that will then seize, via the gavels of judges, certain underwater mortgage bonds currently held by firms who seem not to be as selfless as our valiant protagonists.
Just call it a novel play in what might be a burgeoning "post-securitization" market.
You see, San Bernadino County, and many other areas, have high percentages of homeowners saddled with underwater mortgages.
The poor homeowners -- so loaded with debt that they don't buy enough things! And think of what more foreclosures would do to home prices! In turn, what would that do to property tax revenues?
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