Under the Wall Street model, not all mortgage loans are considered for replacement, er, relief. The WSM targets only alleged mortgage notes purportedly owned and controlled by select "note-holders" and will blindly accept the alleged note-holder's word that he/she is the rightful owner of the toxic note and entitled to payment.
New Notes For Old.
In my view, the entire mortgage retirement or mortgage-loan replacement program, which utilizes Eminent Domain, can best be accomplished by local non-profit agencies using public money without Wall Street bed partners and their private agenda...
Instead of embracing schemes by the very foxes who guard the henhouse while munching on a steady diet of chicken legs, we'll need to create and task hundreds of independent community agencies that will be responsible to their own communities.
The People-Before-Profit Public-Benefit Agency.
My model for an entity to administer an Eminent Domain / Mortgage Retirement / Replacement Plan would specifically exclude private (self-interested) capital, but instead use a publicly owned bank for public funds for public benefit.
We the People can and will establish public banks, and independent, community-based, nonprofit public agencies that would operate under strict, fully transparent, public-benefit objectives.
Those homeowners who wish to participate in a mortgage retirement or replacement program would have to agree to share any benefits derived from the program with other participants. For example, one homeowner might have his mortgage loan reduced by 50%. Another homeowner's reduction might be 25%. Some might realize little benefit, yet others might have their mortgages wiped away and owe nothing. But nobody would get a free house.
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