Matt Taibbi: From an Unlikely Source, a Serious Challenge to Wall Street

[sabrina 1]

8. Wow, that was brilliant, Orrex. You were ahead of the game. And it was a very good question at the

time.

I see that Wall Street doesn't like this idea and are making threats if communities decide to do it. That seems to make it all the more interesting imo.

Interesting comments too. The last one raised the issue of who would pay for the seized properties which was a good thing to mention as properties that are seized must be paid for. Looks like Taibbi is saying that the private company would do so.

There are a lot of legal questions involved. Reading Taibbi's article he mentions that it would be preferable if this was done by local governments rather than private companies but that is unlikely to happen.

Imo, just the threat of this happening around the country, and it looks like other areas of the country are interested, might push some action on the problem which has simply been allowed to fester destroying communities, home-owners and families and adversely affecting the economy.

I'm with Matt Taibbi in that it is going to be interesting to watch. The profit margin for those willing to pay for the seized properties would need to be worked out. But if it keeps people in their homes by refinancing them at a rate that is more in line with their current value, then I think it is worth a try.