BB&T takes a stand against eminent domain

This is interesting. I wonder if other banks will follow suit.

BB&T Corp. will not lend to commercial developers that plan to build condominiums, shopping malls and other private projects on land taken from private citizens by government entities using eminent domain, the bank holding company said Wednesday.

“The idea that a citizen’s property can be taken by the government solely for private use is extremely misguided, in fact it’s just plain wrong,” said John Allison, BB&T chairman and CEO. “One of the most basic rights of every citizen is to keep what they own. As an institution dedicated to helping our clients achieve economic success and financial security, we won’t help any entity or company that would undermine that mission and threaten the hard-earned American dream of property ownership.” (Story.)

This is a significant development (as it were), because BB&T is one of the nation’s 10 largest banks, and you don’t get to be a huge bank by taking lots of principled stands when rich developers bring their business to you.

It’s encouraging, though. Maybe this is a case where private sector action can serve as a remedy for the excesses of government.


9 thoughts on “BB&T takes a stand against eminent domain

  1. It doesn’t matter, it’s just a good thing they did.
    I live on a place called Casey Key. It’s right at the beach, and our little neighborhood is the only place left on the key that hasn’t been torn down for McMansions for rich Yankees. We’ve had many, many offers for our property and refuse to sell. We’re also waiting for the hammer to drop and our land getting stolen to make some developer rich.
    This house is just down the street:

    That place went for 7 million dollars.
    Here is a thumbnail of my house to show the perspective:

    I like my little shack better.

  2. You’re sitting on a gold mine, aren’t you? Those offers are probably all out of proportion to what you’d think the actual value of the property would be in the absence of a development frenzy, huh?

  3. Well, I’d rather just stay put as the gulf is 2 houses from me at the end of my street. My immediate neighbors are in the same boat as me, and none of us wish to sell. We are the blighted end of the Key, according to our local paper.
    The county is trying to get us out by raising our taxes like crazy. Our property taxes have increased 300% in 12 years, due to the appraised value.
    We’re staying, and it would take a SWAT team to get us out before we’re ready to go. If they ever try to condemn our land and remove us, you will be seeing me on the network news.

  4. What really gets me is these people are paying 7 million dollars for a liablity, that being a 7 million dollar house that can at any time be blown off into the ocean by a hurricane. Imagine what their insurance runs them yearly as well.
    Not lumping you in with them, Jeff, since you have an actual realistic house there, as opposed to a piece of fluff penis extender.

  5. Thank you. Our house is old Florida, and we don’t even need the air conditioning, as the house is designed to stay cool. Some of those guys get $2500 electric bills in the summer.
    A lot of those rich Yankees also buy 41′ Scarab boats that they drive around wearing suits thinking they’re from “Miami Vice.” It’s laughable.

  6. Our flood insurance runs $1400 a year. The way they built our house is that the floors have a noticable bulge (2-3 inches) in the center so the flood water will run out. There are vents at the floorline to accomodate the water flow. They built them right, back in the 20’s when my house was built.

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