Congress' bailout opens doors to eminent domain seizures

Warning issued about 'bonanza' of potential property confiscations

The congressional plan to bail out the U.S. housing and mortgage industries, which could be approved by Congress and signed by the president as early as this weekend, actually endangers Americans' housing, according to the director of the Center for Entrepreneurship at the Competitive Enterprise Institute.

"Of all the unintended consequences of the housing bill that passed the House – of which there will likely be many – one of the most ironic and far-reaching may be this: that whatever security marginal homeowners have from foreclosures, their homes will be far less safe from being taken by a bureaucrat through eminent domain," John Berlau wrote on the organization's website. Read more...