San Bernardino County eminent domain mortgage ripoff
By John Seiler
Our colleague Steven Greenhut has a column up on Bloomberg on as scam in San Bernardino County:
“Detailed by a Cornell University professor, and pitched by influential San Francisco investors who stand to make a fortune from it, this new idea is based on one of the oldest concepts: the taking of other people’s property.
“County officials, joined by the cities of Ontario and Fontana, are considering using an expansive interpretation of eminent domain – typically used to acquire real property to build public works — to seize the mortgages, not the real property, of those homeowners who owe more than their homes are worth.”
Read the rest here.
And Greenhut’s book on eminent domain, “Abuse of Power: How the Government Misuses Eminent Domain,” is available on Amazon.com.
June 19, 2013