Dear Friends, I've been a bit buried of late by an initiative about which I had to keep mum for a while, but which now finally can be made public. It involves use of municipal eminent domain authority, financed by private investors, to solve at long last that host of collective action problems which stand in the way of resolving the nation's still dragging underwater mortgage crisis at long last. As use of the term 'collective action problem' suggests, even solutions that literally benefit all - creditor, debtor, and innocent third party alike - are blocked unless we are able to find some duly authorized collective agent able to act in effect on behalf of all parties. I believe that municipalities are the necessary agents, for reasons adduced in a full article explaining and justifying the plan. You can read that full article, and more about the plan, including press, here: http://www.lawschool.cornell.edu/spotlights/Hockett-Reveals-Plan-to-Address-Underwater-Mortgage-Loans.cfm. I will be very eager to hear your thoughts.
Many thanks,
Bob
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