Notice fl is going to do well though for a time. And charlotte where other people like and SLC where I also liked.
news.yahoo.com
US bank bans loans to developers using seized land By Andrew Ward in Atlanta
Wed Jan 25, 4:30 PM ET
A regional US bank has banned lending to commercial developers who plan to build on land seized from private citizens, in protest against the strengthening of government powers to make compulsory purchases.
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The decision by BB&T, one of the largest banks in the US south-east, followed a controversial Supreme Court ruling last June that empowered governments to seize private property to make room for commercial developments.
"The idea that a citizen's property can be taken by the government solely for private use is extremely misguided, in fact it is just plain wrong," said John Allison, chief executive of BB&T.
The lending restrictions appeared designed to tap into widespread public anger about the Supreme Court ruling, which critics believe undermines a fundamental part of American freedom.
"One of the most basic rights of every citizen is to keep what they own," said Mr Allison.
The Supreme Court case involved an attempt by local authorities in the city of New London, Connecticut, to bulldoze homes standing in the way of a planned commercial development including a hotel, luxury apartments and offices.
In a 5-4 majority ruling, the nine-member court argued the seizure was justified because of the increased tax revenues and jobs the development would generate.
Supporters argue that compulsory purchases are sometimes necessary to prevent a small group of individuals from blocking developments that could benefit entire communities. But critics said the case could be used to justify the seizure of any property that could be replaced by something of greater economic value.
In a dissenting opinion, Justice Sandra Day O'Connor said the ruling could be used to replace "any Motel 6 with a Ritz-Carlton, any home with a shopping mall, or any farm with a factory".
More than 30 states have either passed or are considering legislation placing restrictions on compulsory purchases since the ruling.
Ken Chalk, chief credit officer at BB&T, said the bank's new policy was a "matter of principle" rather than a business or legal decision. BB&T, based in North Carolina, has assets of $109.2bn and operates more than 1,400 branches. It is believed to be the first financial institution to make such a policy change.
Activists opposed to the Supreme Court ruling have filed a petition to replace Justice David Souter's house in New Hampshire with an inn called the Lost Liberty Hotel. |
