Big Brother set to use eminent domain powers to rip off investors and line the pockets of Obama backer

Ed Lasky
Eminent domain powers have long been a rallying point for believers in the primacy of the Constitution and the importance of protecting private property from the rapacious hands of Big Government. A new issue has arisen that may stoke the ire of Tea Party folks and others concerned with the prospect of an ever growing role for politicians and their allies in our lives. Various California communities are exploring -- with the help of Democratic investor cronies connected to Bill Clinton and others -- their eminent domain powers to seize mortgages owned by private investors. These mortgages would then be sold to a newly formed investment company who hope to buy these mortgages on the cheap and profit from them in the months and years to come. Nick Timiraos of the Wall Street Journal reports : A handful of local officials in California who say the housing bust is a public blight on their cities may invoke their eminent-domain powers to restructure mortgages as a way to...(Read Full Post)

COMMENTS ON AMERICANTHINKER