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View Diary: How the Big Banks are Continuing to Syphon Wealth from Our Communities & Our Local Govenments (27 comments)

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  •  Seriously? What about divestiture in companies (5+ / 0-)

    that dealt with apartheid South Africa?

    What about all the other moves pension funds and cities have made regarding their spending versus various social causes?

    What about laws which specify that expenditures must be prioritize on in-state firms or go to companies which pay fair wages or anything else?

    The city is not obligated to give their money to businesses or banks which are undermining the city itself.

    In this case, the city would be saying "you must stop increasing the burden on city services with your evictions and foreclosures, via mortgage modifications, or we will stop doing business with you."

    I don't see anything wrong with that.  In fact, the city is asking the bank to do what is better for the bank in the long-run anyway.  If they foreclose, they won't get full value of the mortgage either.

    "The law is meant to be my servant and not my master, still less my torturer and my murderer." -- James Baldwin. July 11, 1966.

    by YucatanMan on Tue Apr 02, 2013 at 10:09:13 AM PDT

    [ Parent ]

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