[Rusty0604]

While one can have sympathy for the over-levered, underwater homeowners that took free-money with both hands and feet as house prices surged in the mid-2000s (just like they are now) but the latest moves to ‘save’ people from themselves in the city of Richmond, CA is raising both market and constitutional concerns. As NYTimes reports, the city is the first to use eminent domain by the local government (in partnership with a ‘friendly’ mortgage provider) to seize homes, force investors to take a loss on the mortgages, re-issue a new ‘lower’ mortgage, and allow the homeowner back with positive equity

http://www.zerohedge.com/node/477013

[Elsie]

... the local government (in partnership with a ‘friendly’ mortgage provider) to seize homes, force investors to take a loss on the mortgages, re-issue a new ‘lower’ mortgage, ...

Well; we could just wait for hyper-inflation when we can pay off those pesky bills with LOTS of (looks good on paper) money!