US bank bans loans to developers using seized land

The Financial Times reports:

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.


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.

Some people are for property rights.