Bizblogger

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Wednesday, July 23, 2008

San Diego to be a "Sanctuary City" for Foreclosures?

San Diego is suing Bank of America to prevent the firm from foreclosing on any homes. First of all, this is the definition of Marxism - a government stealing a company's property (despite the Kelo Supreme Court decision, it is a violation of the Constitution). Imagine if businesses were not allowed to collect on bounced checks or fraudulent credit cards - credit wouldn't exist very long in such a society.

One thing is certain - if B of A loses, San Diegoans can forget about ever getting mortgages in the future. Banks don't appreciate lending money to people who are not legally required to return the funds.