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The offer of kUSD 150 in cash for a title to a house valued at kUSD 200 in Richmond, that the bank needs to realize a steady stream of income from, doesn't seem
by HarryHirsch 13y ago
The offer of kUSD 150 in cash for a title to a house valued at kUSD 200 in Richmond, that the bank needs to realize a steady stream of income from, doesn't seem unfair outright. What I mean is, where are the creditworthy buyers in Richmond? The town is failing and not getting any better.
What is always troubling is the interaction between municipal authorities and venture capital; their interests do not intersect, and there is little experience in municipalities with complex financial deals. The showcase piece is the Birmingham, AL sewer disaster.
The idea of eminent domain is appealing, and the real-world implementation is another problem.
- bradleyjg 13y agoThey aren't seizing title to the house, they are seizing a lien and promissory note. Although the lien can't be worth more than the underlying property, the note certainly can.
- HarryHirsch 13y agoYou are right. I used "title" as a synonym for the note, as in the title the court awards you against someone who owes you a debt.