[GPSCC-chat] Foreclosure Idea

[Brian Good]

Taibbi references an article from 2010 that described FDR's Home Owners’ 
Loan Corporation (“HOLC”), which purchased one million distressed mortgages 
from banks from 1933-1935--1/6 of the urban home mortgages.  Though
HOLC was able to pick and choose its cases and was indulgent of late or 
missing payments, 20% of its mortgages wound up in default.
http://www.tnr.com/article/unhampered?page=0,0

 An article by Yes! Magazine editor Doug Pibel points out:

   "Since 1950, the average size of a new house in the United States 

   has more than doubled, even as average household size has 
   decreased by 
nearly a quarter. The average American now has 
   living space just shy of 
1,000 square feet—nearly twice the size of 
   the average house in 1950. 
Have our needs really changed that 
   much in six decades? Or have we been 
sold something we don’t 
   really need? . . . The real solution to the wrecked state of U.S. real 
   estate is not 
to try to get things back to where they were. It’s to 
   find creative ways
 to match supply with demand, to change the 
   way we finance housing, and 
to recognize that owning the biggest
   house on the block could be the 
American nightmare rather than 
   the American dream."
http://www.marysvilleonline.net/articles/2012/07/18/opinion/doc5006e6ef5d08e758480801.txt


















> Date: Sat, 21 Jul 2012 08:59:58 -0700
> From: gerrygras at earthlink.net
> To: sosfbay-discuss at cagreens.org
> Subject: [GPSCC-chat] Foreclosure Idea
> 
> 
> FYI,
> 
> an idea that might be helpful for the foreclosure problem,
> (counties, municipalities using eminent domain):
> 
> "From an Unlikely Source, a Serious Challenge to Wall Street"
> by Matt Taibbi
>      http://www.commondreams.org/view/2012/07/21-1
> 
> And here's the NYTimes article it refers to:
> 
> "California County Weighs Drastic Plan to Aid Homeowners"
> http://www.nytimes.com/2012/07/15/us/a-county-considers-rescue-of-underwater-homes.html?pagewanted=all
> 
> And here's the article from Congressman Brad Miller mentioned
> in the Editor's Note:
> "No Wonder Eminent Domain Mortgage Seizures Scare Wall Street"
> http://www.americanbanker.com/bankthink/eminent-domain-mortgage-seizures-terrify-wall-street-1050811-1.html?zkPrintable=true
> 
> Gerry
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