Businesses, Investors Protest Eminent Domain in Virginia and California

Compelled under the despotic power of a local government in Virginia, one business owner is losing his property under the government's alleged authority of eminent domain. And it's not because officials in Norfolk plan to build a new road or a public park; it's so they can clear the area for new "retail space."

Another pressing eminent domain debacle has sprouted in San Bernardino County, California, where the local government is seeking to seize and restructure "underwater" residential mortgages — those whose owners owe more than their mortgages' worth — by forcibly purchasing them from mortgage-backed securities (MBS) investors at low rates and reselling them with lower balances to other investors.

webmaster@thenewamerican.com (Brian Koenig) 15 Jul, 2012

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Source: http://thenewamerican.com/economy/sectors/item/12076-businesses-investors-protest-eminent-domain-in-virginia-and-california
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