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Of all the unintended consequences of the housing bill that passed the House on Wednesday, the most ironic and far-reaching may be this: whatever security marginal homeowners have from foreclosures, their homes will be far less safe from being taken by bureaucrats through eminent domain. The bill that emerged from the negotiations between House Financial Services Committee Chairman Barney Frank and Treasury Secretary Hank Paulson took the specific language protecting property rights from the housing bill that most recently passed the Senate and rendered those words almost meaningless. Now, the billions of dollars in new grants the bill provides for "the production, preservation and rehabilitation" of housing units could stimulate a bonanza of state and local property confiscation of the type green-lighted in the Supreme... [read full story]
