If you didn’t catch today’s Keiser Report on RT, Max Keiser and Stacy Herbert talk about my article last week about how John Cusack’s buddies over at Mortgage Resolution Partners (MRP) want to use eminent domain to seize performing mortgage contracts.

Max and Stacy also showed the clip from the interview Max did with the Lois Lane of finance journalism, Teri Buhl back in July after her trip to San Bernadino to investigate MRP’s push to get San Bernadino to go along with this. (Max and Stacy talk about MFI-Miami at 9:05).  Max Keiser basically agrees with me, Teri Buhl and Felix Salmon that their eminent domain plan is an elaborate scam.

MRP is using people like actor John Cusack and Arianna Huffington into misleading cities and foreclosure activists about MRP’s plan.  What MRP wants to do is not seize abandoned homes and homes already in foreclosure like they claim but to seize performing mortgage contracts where the homeowner only faces a negative equity position so MRP can sell the mortgage loans to FHA.  Although the homeowners are upside down, their loans are still contributing to the positive cash flow of the mortgage backed securities Trust that holds the note.

You can read the original article here.

Original linkOriginal author: Steve Dibert