on September 11, 2013 in World News
City backs plan to seize negative equity mortgages
California City backs plan to seize negative equity mortgages Richmond, California’s leaders approved on Wednesday morning a plan for the city to become the first in the nation to acquire mortgages with negative equity in a bid to keep local residents in their homes. The power of ’eminent domain’ allows governments to seize private property for a public purpose. Critics say the plan threatens the market for private-label mortgage-backed securities. Richmond’s city council voted 4 to 3 for Mayor Gayle McLaughlin’s proposal for city staff to work more… View Article
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