Thursday, July 10, 2014





Calif. city moves ahead with eminent domain plan


September 11. 2013 10:42AM
Associated Press

Story Tools
PrintPrint | E-MailEMail | SaveSave | Hear Generate QR Code QR
Send to Kindle


(AP) A San Francisco Bay Area city is moving ahead with its first-in-the-nation plan to use the government's constitutional power of eminent domain to seize hundreds of underwater mortgages.


The Richmond City Council voted 4-3 early Wednesday to set up a Joint Powers Authority to bring more cities into the plan. Mayor Gayle McLaughlin says the city of El Monte in Southern California has expressed interest, and she believes other cities will follow.


Under the plan, Richmond would use eminent domain to seize the underwater mortgage. It would then offer the bank fair market value for it and give the homeowner a new loan that would lower monthly payments and improve the owner's chances of staying.


Banks have filed lawsuits to stop Richmond from going ahead.


Associated Press


Comments
comments powered by Disqus Commenting Guidelines
Poll
Mortgage Minute


Search for New & Used Cars

Make 
Model
 
Used New All
 

Search Times Leader Classifieds to find just the home you want!

Search Times Leader Classifieds to find just what you need!

Search Pet Classifieds
Dogs Cats Other Animals



Social Media/RSS
Times Leader on Twitter
Times Leader on Youtube
Times Leader on Google+
The Times Leader on Tumblr
The Times Leader on Pinterest
Times Leader RSS Feeds