This week, Richmond, California became the first city to vote, 4-3, to partner with Mortgage Resolution Partners to use eminent domain to seize underwater homes for the purpose of restructuring the mortgages. The plan purports to help homeowners obtain more favorable terms on their mortgages so that they can avoid foreclosure and stay in their houses.
MRP website actively recruits citizens to take this concept to their own city councils. Under the website's How You Can Help tab, readers are encouraged to contact their local mayors and city councils about the CARES program.
In 2012 the SEC charged Credit Suisse Securities with misleading investors about their offerings of mortgage-backed securities and Credit Suisse paid 120 million to settle the SEC's charges. Vlahoplus, while not personally implicated in any wrong doing, is a product of this environment.
Now they have talked the people of Richmond into going along with this experiment. Be afraid; be very afraid.
Read Alexandra Swann's novel The Planner, about Agenda 21 implemented through eminent domain free on Kindle 09/25/2013 -09/28/2013