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  • Richmond, California, Advances Eminent Domain Plan To Help Homeowners (Who Squandered Cash-outs)

    09/11/2013 2:29:16 PM PDT · by whitedog57 · 9 replies
    Confounded Interest ^ | 09/10/2013 | Anthony B. Sanders
    Richmond California is proceeding with plans that include eminent domains to help homeowners with “troubled loan.” Richmond, California, took a step toward setting up a mortgage principal reduction program to help homeowners with troubled loans, while leaving the door open to using its eminent domain powers to acquire the debt. The City Council refused to shelve a plan to seize mortgages that exceed the value of their properties, which has spurred lawsuits by U.S. banks including Wells Fargo & Co. The council agreed that any effort to acquire loans though eminent domain — the right of governments to take private...