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Originally posted by Rockpuck
reply to post by WhatTheory
This is a very OLD practice..
It's called Feudalism.
And the contract to which a citizen may live on a property for a few years with no definite contract of time nor rights to assume the land, is called a Tenant At Will, which the government could if need be remove you from your plot for no reason what so ever.
Why, I do believe the President may be taking ideas from the Kings of England of old?? Such bitter irony..
As to who the property is surrendered to, probably the bank, but the bank and the Gov is so indecipherable anymore I hardly know who's who. Banks own the State, the State owns the Banks. Get your mortgaged foreclosed, pay an obscene rent to which you will have no equity, then the bank can remove you and sell the house at face value. Or find a better renter.