Back in 2010, I suggested a radical solution for the housing crisis. It wasn't radical in the sense of it never having been done - and even done prominently in the US - but only in the sense that it was practiced a few centuries ago, and then forgotten.
With the ongoing housing crisis water torture and the recent events unfolding in California, where a number of cities have recently announced plans to seize loans on "underwater" homes (those valued at less than the mortgages), perhaps that radical solution should be now given priority.
-Article by Reuven Brenner
Read full article: Asia Times, July 26, 2012