Long story short
In the USA local governments are exploring buying properties that are overvalued due to toxic loans
and foreclosures through the use of eminent domain.
Under the proposal, towns would essentially be seizing and condemning the man-made mess resulting from the housing bubble.
Then, the idea goes, The county would help homeowners essentially buy back his own house, only at a current market price. This would cut the mortgages to the current value of the homes and would allow homeowners to lower their (home loan thereby lowering their) monthly payments and hang onto their property.
Good for the local County, Bad for Wall Street.
Read more: http://www.rollingstone.com/politics...#ixzz21XyLTr1E
Wall Street have thrown all their toys out the cot and are holding their breath until they turn blue because if this happens the loss of value will be passed on to investors who in turn will turn on and sue Wall Street.
Looks like chickens are about to come in and roost.
Now if the ANC were awake they would consider the same strategy as far as purchasing farms go?? or what??