Richmond, CA. Eminent domain to stick it to the banks.

[Hitch]

This story came up in conversation with family. In a nutshell, in Richmond CA half of homeowners are underwater in the value of their homes. The banks have refused to renegotiate these loans, so the city is stepping up to help fight the battle. The city has offered to buy these homes for their fair market value, then lend them to the homeowner. So, the homeowner can pay the city the mortgage, and stay in their homes.

The banks would not budge. So, now the city is trying to claim eminent domain and TAKE the homes from the banks. Give the banks fair market value.

The city vs the Banks. Go Richmond!!

I found this article...

http://truth-out.org/buzzflash/commentary/item/18116-richmond-california-plans-to-save-families-from-foreclosure-through-eminent-domain

[Ares]

This story came up in conversation with family. In a nutshell, in Richmond CA half of homeowners are underwater in the value of their homes. The banks have refused to renegotiate these loans, so the city is stepping up to help fight the battle. The city has offered to buy these homes for their fair market value, then lend them to the homeowner. So, the homeowner can pay the city the mortgage, and stay in their homes.

The banks would not budge. So, now the city is trying to claim eminent domain and TAKE the homes from the banks. Give the banks fair market value.

The city vs the Banks. Go Richmond!!

I found this article...

http://truth-out.org/buzzflash/commentary/item/18116-richmond-california-plans-to-save-families-from-foreclosure-through-eminent-domain

In a fair and equal market that would be a pretty shitty move. But considering the banks got bailed out of their mess of loaning anyone money who could fog a mirror screwing everyone else who was able to maintain their mortgage and pay for it. I have no problem with this whatsoever. This is not a fair market and is nothing more than a con game with the banks dictating the terms.

Glad to see a city doing more than taxing its residents to death like so many others. Maybe other cities will follow suit? :)

[Cebu_4_2]

That would be nice if it works out.

[Serpo]

Banks are SCUM and all they want is your HOME

[Hitch]

That would be nice if it works out.

I think this is huge news, and I hope it works out. Imagine if it does, and goes mainstream, and a bunch of other cities jump onboard.

Imagine, eminent domain bringing down the banks. It could expose and collapse the whole system.

I will be following this story and updating this thread on what I find.

[Cebu_4_2]

I think this is huge news, and I hope it works out. Imagine if it does, and goes mainstream, and a bunch of other cities jump onboard.

Imagine, eminent domain bringing down the banks. It could expose and collapse the whole system.

I will be following this story and updating this thread on what I find.

It would still be a money grab but stolen locally vs federally and the people will have a chance to still live without huge disruption.

[govcheetos]

Meet the new boss.....
Same as the old boss.....

Don't see why folks should be happy their investment went south, lost their down payment, equity etc., and now will get to pay rent to the city.

Be careful with this, could be a test for a more nation wide push later on.

[Hitch]

Meet the new boss.....
Same as the old boss.....

Don't see why folks should be happy their investment went south, lost their down payment, equity etc., and now will get to pay rent to the city.

Be careful with this, could be a test for a more nation wide push later on.

Their rent to the city will be less than their rent to the banks now, because of the over priced loans.

Basically, these folks in Richmond bought into the whole banking loan fraud of "everyone should own a home", when the banks were doing fraudulent lending.

The banks created this whole overpriced housing collapse.

What Richmond is saying, is no. The people are not going to be stuck with these overpriced mortgages that the banks created.

Richmond is pulling a trump card, and forcing the banks to man-up to their bad financial decisions.

[Ponce]

All this makes me think.....if you are legally in a place and pay all the taxes for a period of 10 years you then hace an emminent domain on that property....so...this applys to the law of the land and not of that of the bank...so that to me the bank cannot kick you our at will..............to me the federal law of the land has priority over the law of the bank........some smart attorney out there should give some thoughts to this option......

V

[Hitch]

All this makes me think.....if you are legally in a place and pay all the taxes for a period of 10 years you then hace an emminent domain on that property....so...this applys to the law of the land and not of that of the bank...so that to me the bank cannot kick you our at will..............to me the federal law of the land has priority over the law of the bank........some smart attorney out there should give some thoughts to this option......

V

Dang now this is an interesting twist to this situation.

Unfortunately folks in Richmond CA are less than the type to pursue this option. Just because of their knowledge level (and lack of getting a attorney).

[Ponce]

Well Hitcher, let me give you an example....the land has nothing to do with the bank, when you buy a house that is xactly what you are paying the bank for.....the land is already 100% yours and all that you have to do is to apply for your "Land Patent"......once you do that NO ONE not even the cops can come into your private property.....if the bank tries to take your house away you can tell them "Sure, take the house....but....I don't give you permission to come into my property" all that the bank can do is to make a deal with you......althou I am still investigating about property tax I really don't mind paying it because I don't pay any other kind of tax and for $600.00 a year I am getting a lot...........but.........I can build (without a permitt) anything that I want on my property without the interferance of the city or the government.............unless is a danger to the community......like an H bomb................I already kicked out a city inspector, when I told him that I had a land patent all that he said was "OK, have a nice day"....................something else "From the four points of your property all the way up to heave and all the way down to hell is 100% yours" this means that WATER, WIND, SNOW, SUN LIGHT cannot be taxed because once is over your property it is then all yours.........I am waiting for a drone to fly into my kingdom
ahahahahahaahahahah.

V

[zap]

Quote from Ponce...................something else "From the four points of your property all the way up to heave and all the way down to hell is 100% yours" this means that WATER, WIND, SNOW, SUN LIGHT cannot be taxed because once is over your property it is then all yours.........I am waiting for a drone to fly into my kingdom
ahahahahahaahahahah.

V[/QUOTE]

So how does that work if the person or bank that sold you the property holds 1/2 the mineral rights? here at the ranch there is no mortgage and I own all mineral rights, but I have heard of people who don't own their mineral rights on their land?