City Uses Eminent Domain To Rescue Homeowners From Predatory Loans, Wall Street Freaks Out -

http://www.addictinginfo.org/2013/08/12/little-city-uses-eminent-domain-to-rescue-homeowners-while-wall-street-freaks-out/

The little city of Richmond, California has taken steps to do what other cities have so far only dreamed of: take on the mortgage industry to protect its residents. Other municipalities have considered using the same option as Richmond, but have backed off in the face of threats and bullying by the corporations and trusts that hold their citizens’ mortgages.

In an innovative step, Richmond is using eminent domain–a weapon that’s usually wielded to build sports stadiums and highways in low-income neighborhoods–to buy underwater mortgages and refinance them to keep residents in their homes. Richmond is the kind of community–low-income, with a large minority demographic–that is typically targeted for predatory lending practices. Many residents have ended up with mortgages that are three or four times the current worth of their homes.

this is to cool they are bocking the blockers they are still only intererested in milking you for all they can, this to is part of their desire to deregulate so you have nothing to fall back on when you discover you are being defrauded.

this is what Pres. and his admin are trying to prevent and the republicans well they are still trying to prevent him from preventing them from screwing "we the people".

Last month, the city sent letters to lenders and mortgage servicers offering to buy 626 underwater mortgages at the current fair market value. If the companies refuse, the city will use eminent domain to seize the mortgages. Refinancing will then be offered to homeowners via a contract the city has with Mortgage Resolution Partners, a private investment firm in San Francisco. After refinancing for a price that's close to market value, residents will suddenly have a small amount of equity in their homes rather than being tens of thousands of dollars underwater–plus, the city can stop a persistent hollowing out of its population.  they are afraid of losing the money 

On Wednesday, mortgage-bond trustees from Wall Street companies filed a lawsuit in federal court against the city of Richmond to try and halt the process. In a laughable statement, a lawyer for some of the mortgage investors, John Ertman, wrote in an email:

Mortgage Resolution Partners (MRP) is threatening to seriously harm average Americans, including public pension members, other retirees and individual savers through a brazen scheme to abuse government powers for its own profit.

have you noticed everything that the Pres. tries to implement to protect you from those who would rob you blind, are always without fail going to harm you, an abomination, taking advantage of gov't powers and destroy the economy, they already did that we are cleaning up their mess, and every bit of media except Fox is reporting their nefarious deception of who's zoomin' you.  they are grifters afraid of losing the money they cheat you out of, not worried about what the gov't allegedly is doing to you when we know positively what they are doing to you.