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Irvington to use eminent domain to bail out homeowners in foreclosure
Irvington is the second municipality in the country to declare its intent to use eminent domain to purchase homes in foreclosure, behind Richmond, Calif. Support for the tactic is gaining traction nationwide in municipalities besieged by foreclosures. Irvington's neighbor Newark, as well as Brockton, Mass., Chicago, and Yonkers, N.Y., have floated or are studying the idea.
But the practice, which gives municipalities the power to circumvent mortgage contracts, acquire loans from bondholders, write them down and give them back to the bondholders, is controversial. It has drawn zealous opposition from Wall Street, real estate groups and some in Washington.
But in other places, officials are hoping the plan can help at least a few homeowners whose lives are crippled under the weight of foreclosure and cities that are suffering from blight and scores of abandoned homes. The tactic is gaining the support of social justice groups and, in New Jersey, the state's chapter of the American Civil Liberties Union, which has traditionally been wary of using eminent domain.
OrphanApology
This is a bad idea. This just prevents more financially stable investors from buying up foreclosures like they always do.
FortAnthem
OrphanApology
This is a bad idea. This just prevents more financially stable investors from buying up foreclosures like they always do.
"More financially stable", is that what they're calling the 1 percenters anymore?
If foreclosures become bad investments for the wealthy, it will drive down the prices of the properties to where, maybe, regular, ordinary people can finally afford them without being buried in debt.
People who see homes as investments I could care less about. They are the ones sucking the soul out of our country. Homes belong in the hands of the ones who will live inside them, the ones who will care about them and maintain them to the best of their ability. Investors only see the homes for the money they can extract from them in rents. Owners see a place to raise their families.
Damn the investors. I say lets take this country back for the ordinary man once again.
FortAnthem
I just can't help but wonder if they will really be better off being in debt to the government instead of to the banksters?