Municipalities in California are considering a scheme whereby they seize home mortgages that are underwater through the process known as eminent domain, pay off investors at reduced rates, and allow new investors to refinance the underlying homes at current value.
“The eminent-domain gambit is being advocated by Steven Gluckstern,” reports the Wall Street Journal, “the chairman of Mortgage Resolution Partners, a San Francisco-based venture capital firm that has been the guiding force behind three California municipalities that are considering the approach.”
And like all schemes weird and wacky in this Occupy Anything country we have become, it’s the brainchild of someone with deep ties to the Obama administration.
Steven Gluckstern raised $120,900 for the Obama campaign in 2008 as a bundler, according to opensecrets.org, the web site that tracks political donations.
A bundler is someone who raises campaign cash from others on behalf of a campaign and then gets special treatment from the president if the candidate wins.
Gluckstern was also the founding chairman of the Democracy Alliance, a George Soros-sponsored liberal money machine matrix ;-), that meets secretly in luxury hotel rooms across the country and has dispersed reportedly $150 million in donations to liberal causes since 2005.
Like all true Obamtrepreneurs, Gluckstern has- gasp and surprise- opened a new company, Mortgage Resolution Partners (MRP) to “partner” with local government in this extra legal scheme to steal from some mortgage companies and give to other mortgage companies with the full sanction of the government.
And the only thing that MRP wants in return is a small “fee”- a “fee is very similar to the fee paid by the government to banks that modify mortgages under federal programs.”
Oh, so: It is only a fee that is very similar to other government-sponsored theft?
How nice of them.
NEW TIME Today, at 9:30 AM PT: Get the Market Movements in Advance; Williams Edge Webinar for November 26th, 2014 | John Ransom