City Hoping To Use Eminent Domain To Seize Homes From Banks, Give To Struggling Homeowners

[flowers]

AP: Officials in a struggling California city are pushing a plan to use the power of eminent domain to seize "underwater" mortgages and help homeowners at risk of foreclosure. But some say the plan is illegal and could hurt the local economy. (Oct. 18)

http://www.breitbart.com/Breitbart-TV/2013/10/18/Robbing-The-Hood-City-To-Use-Eminent-Domain-to-Seize-Homes-From-Banks-Give-To-Homeowners

[truth_seeker]

The few remaining places with upside down properties, are truly crummy.

California property values have climbed rapidly for the last 2 years. So Richmond is apparently really the pits. In fact it looks like Detroit.

Fascinating to see the black Realtor arguing against insanity of city involvement.

I hope the courts tell the city to butt out. The free market will solve this.