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If one wanted to craft a strategy to make the home-mortgage market even less stable, increase already-unsustainable public debt, and erode private property rights even further than we have already seen, it would be hard to top a new idea from California, of all places. Two cities have fashioned a plan to use eminent domain not to seize real estate, but to seize the mortgages on them. Call this … Kelo meets Hugo Chavez:
Events are continuing to escalate. Expect worse.