Emanuel for Property Rights

Let us now praise Chicago mayor Rahm Emanuel, who has joined the Federal Housing Finance Agency in arguing that eminent domain to seize mortgages could retard a housing market recovery.

The Windy City Democrat recently frowned on the eminent domain plan after a City Council meeting on the subject. Alderman Edward Burke had championed the idea of using government to seize certain kinds of mortgages, impose losses on investors, write down the principal, package the mortgages into a security and sell it to other investors.

Read The full Wall Street Journal article here





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