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View Diary: The meaning of 'ex,' as in ExxonMobil (14 comments)

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  •  re: (2+ / 0-)
    there's billions and billions of dollars to extract.

    Better bring an army of lawyers.

    I suspect the effected home-owners have not a legal leg to stand on,

    except for the pressure of Bad PR on the Ex-brand.


    Better bring an army of photographers too.

    •  Well, if it is true that the pipeline was (3+ / 0-)
      Recommended by:
      6412093, gerrilea, jamess

      well known at the time the development was laid out and the infra-structure was built and there are maps on record identifying the pipeline as being for gas, as is being reported and that potentially signficant condition isn't making it into the deed records, then the titles are deficient and it may well be that the title-insurance companies are going to be liable for the loss in value.
      It was customary, not so long ago, for home-owners to be provided with copies of what title searches turned up, including any mineral rights and rights of way that might affect the title. However, in recent years, because title companies and mortgage holders got tired of keeping up with the paper work and the problem of storing documents, the real estate industry has gone to title insurance so that, in case of a claim, they'd just pay people off in case of error. This is the sense in which insurance does create a moral hazard -- people get lazy about making mistakes if money can correct for problems after the fact. And, if people don't discover the mistakes, the insurance companies make out like bandits.
      Insurance is a racket.

      Our extractive culture is not into replacement, renewal and restoration. That's why our built environment is failing. Profit keeps claiming more and more of out capital assets and speculation has replaced investment. The profit motive is corrosive. It wears out our assets just as surely as rot and rust and vermin.

      We organize governments to deliver services and prevent abuse.

      by hannah on Mon Apr 08, 2013 at 06:09:56 AM PDT

      [ Parent ]

      •  and this describes the start of the pulling of the (3+ / 0-)
        Recommended by:
        hannah, gerrilea, jamess

        wool over the eyes of the sheeple about MERS. This web MUST be untangled and prosecuted for anything to change.

        title companies and mortgage holders got tired of keeping up with the paper work and the problem of storing documents, the real estate industry has gone to title insurance so that, in case of a claim, they'd just pay people off in case of error. This is the sense in which insurance does create a moral hazard -- people get lazy about making mistakes if money can correct for problems after the fact.
      •  I am surprised (1+ / 0-)
        Recommended by:
        jamess

        the pipeline company did not object when housing was built over the pipeline.  Usually these companies don't want anyone digging near their line, and want the surface lands clear so they can periodically inspect the route by small plane.

        Orly, it isn't evidence just because you downloaded it from the internet.

        by 6412093 on Mon Apr 08, 2013 at 09:09:26 AM PDT

        [ Parent ]

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