Richmonds city council is only one vote short of the supermajority needed to pursue eminent domain to seize underwater mortgages and renegotiate them on behalf of homeowners, and it is seeking partners that will make the push much stronger. — Ellen Brown explains how it might work and why the big banks might not be able to stop it in an Excellent Overview of a MAJOR ongoing story that might finally constitute a means for victimized Americans to *STRIKE BACK* at the criminal Banksters! In a nearly $13 billion settlement with the US Justice Department in November 2013, JPMorganChase admitted that it, along with every other large US bank, had engaged in mortgage fraud as a routine business practice, sowing the seeds of the mortgage meltdown. JPMorgan and other megabanks have now been caught in over a dozen major frauds, including LIBOR-rigging and bid-rigging; yet no prominent banker has gone to jail. — Meanwhile, nearly a quarter of all mortgages nationally remain underwater (meaning the balance owed exceeds the current value of the home), sapping homeowners’ budgets, the housing market and the economy. Since the banks, the courts and the federal government have failed to give adequate relief to homeowners, some cities are taking matters into their own hands. Gayle McLaughlin, the bold mayor of Richmond, California, (and a member of the Green Party) has gone where no woman dared go before, threatening to take underwater mortgages by eminent domain from Wall Street banks and renegotiate them on behalf of beleaguered homeowners....
Posted on: Tue, 04 Mar 2014 22:31:31 +0000
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