That I dare post anything from the cesspool called "Yahoo?" (the ? is not a question, its a derogatory contrast to their Yahoo ! )
http://news.yahoo.com/calif-cities-eye-plan-seize-mortgages-190416716--finance.html
Like Ive been predicting, right here on this Blog, this housing crisis was designed to, or it becomes convenient, to seize private assets. Ultimately that is planned as a method to pay the un-payable National debt. Or maybe State debt. Since the mass seizure of assets is on the scale of the National debt, that is logical. Mass seizure of assets is also done through INFLATION, but there is essentially none now. There are price increases which do as good a job, especially when both inflation and interest are close to zero. Inflation is 2% according to BLS.
When housing PRICES, they are NOT VALUES, crash, thus approaching 'value" or what they are actually worth, it becomes impossible to fund greedy and wasteful and corrupt Government and their henchmen corporations, out of interest and taxes. Taxes go to nil, especially when in arrears. So asset seizure becomes the MO.
After they have created a crisis that threatens the existance of Government, seizing assets that are NOT underwater, or assets without loans behind them (property people own outright) will be next, eminant domain can be claimed in an emergency situation to seize whatever they want.
The answer to that will be arson and riots. deservedly.
When a Borrower knows they are underwater, there is no incentive to burn their house down, it prevents them from everr getting anything out of the process, and they know the lender actually owns the property. If and when it devolves to what I just stated, arson is NO problem.
