Seize the loans of belly-up homes: Why New York City should use eminent domain to rescue underwater mortgages

Categorized | STOP FORECLOSURE FRAUD

Seize the loans of belly-up homes: Why New York City should use eminent domain to rescue underwater mortgages

Seize the loans of belly-up homes: Why New York City should use eminent domain to rescue underwater mortgages

New York Daily News-

The last time the U.S. experienced economic calamity and slow-motion recovery — from 1929 into the 1930s — the policy responses it adopted were profoundly innovative yet quintessentially American. This was largely because the President who took office in 1933, Franklin Roosevelt, had led New York — the nation’s center of creative dynamism in business, the arts and governance alike.

New York City should take inspiration from FDR’s ingenuity today by employing a home-foreclosure prevention tool that he pioneered.

Among the most pressing emergencies Roosevelt faced upon taking office was a massive foreclosure crisis ravaging home-owning families. A Rube Goldberg system of private mortgage finance, complete with an early form of mortgage “securitization,” had helped fuel a real-estate bubble in parallel with the era’s notorious stock-market bubble. That bubble’s bursting left millions of Americans deep “underwater” — owing much more on their homes than their homes were now worth.

[NEW YORK DAILY NEWS]

© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Comments

comments

This post was written by:

- who has written 8715 posts on FORECLOSURE FRAUD | by DinSFLA.

CONTROL FRAUD | ‘If you don’t look; you don’t find, Wherever you look; you will find’ -William Black

Contact the author

Leave a Reply

GARY DUBIN LAW OFFICES FORECLOSURE DEFENSE HAWAII and CALIFORNIA
Advertise your business on StopForeclosureFraud.com

Archives