{"id":5315,"date":"2012-07-16T16:04:18","date_gmt":"2012-07-16T20:04:18","guid":{"rendered":"http:\/\/www.multiplier-effect.org\/?p=5315"},"modified":"2012-07-16T23:04:03","modified_gmt":"2012-07-17T03:04:03","slug":"a-debt-jubilee-via-eminent-domain","status":"publish","type":"post","link":"https:\/\/blogs.bard.edu\/multiplier-effect\/a-debt-jubilee-via-eminent-domain\/","title":{"rendered":"A Debt Jubilee via Eminent Domain?"},"content":{"rendered":"<p>Local government officials in San Bernardino county have apparently heard enough about how the overhang of mortgage debt is holding back the recovery, and they&#8217;re considering taking matters into their own hands.\u00a0 <em>Reuters<\/em>&#8216; Matthew Goldstein and Jennifer Ablan <a href=\"http:\/\/in.reuters.com\/article\/2012\/07\/13\/sanbernardino-eminentdomain-idINL2E8ICBUJ20120713\">report<\/a> on the background discussions leading up to a proposal that is being considered by officials in San Bernardino, California\u2014a county where almost half of all mortgages are &#8220;underwater.&#8221;\u00a0 The general idea is to use eminent domain as a kind of mortgage debt forgiveness program:\u00a0 principal reduction would be achieved by forcing the sale of mortgages that have been packaged into securities; the mortgages would then be restructured on more favorable terms.\u00a0 Homeowners with underwater mortgages who are current on their payments would be able to participate.<\/p>\n<p>Randall Wray and Paul McCulley are quoted in the piece, with the latter describing the program as &#8220;[a] legal system-midwifed, modern-day jubilee.&#8221;\u00a0 Read the article <a href=\"http:\/\/in.reuters.com\/article\/2012\/07\/13\/sanbernardino-eminentdomain-idINL2E8ICBUJ20120713\">here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Local government officials in San Bernardino county have apparently heard enough about how the overhang of mortgage debt is holding back the recovery, and they&#8217;re considering taking matters into their own hands.\u00a0 Reuters&#8216; Matthew Goldstein and Jennifer Ablan report on the background discussions leading up to a proposal that is being considered by officials in [&hellip;]<\/p>\n","protected":false},"author":202,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[367,366,47,368,371,369,370],"class_list":["post-5315","post","type-post","status-publish","format-standard","hentry","category-financial-crisis","tag-debt-jubilee","tag-eminent-domain","tag-housing","tag-l-randall-wray","tag-mortgage-debt","tag-paul-mcculley","tag-refinancing"],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/posts\/5315","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/users\/202"}],"replies":[{"embeddable":true,"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/comments?post=5315"}],"version-history":[{"count":13,"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/posts\/5315\/revisions"}],"predecessor-version":[{"id":5327,"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/posts\/5315\/revisions\/5327"}],"wp:attachment":[{"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/media?parent=5315"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/categories?post=5315"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/tags?post=5315"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}