Wednesday, July 31, 2013

Richmond Threatens Eminent Domain To Address Foreclosure Crisis

Unbelievable stupidity.
Richmond has partnered with San Francisco-based Mortgage Resolution Partners on the plan. Letters have been sent to 32 servicers and trustees who hold the underwater loans. If they refuse the city’s offer, officials will condemn and seize the mortgages, then help homeowners to refinance.
We have the Supreme Court to thank for stupid ways that cities, counties and states can come up with to declare emminent domain on a "blighted" area.

No comments:

Post a Comment