“Richmond, California, sent the securities and real estate industries into a tizzy this week. The city said it is moving ahead with plans to use its power of eminent domain to seize home mortgages and restructure them for residents who owe more money than their homes are worth. This would be a first in the U.S. Normally when governments do things that upset Wall Street millionaires it’s a sign they’re going down the right path. There are exceptions, of course. Cities usually use eminent domain to seize land and buildings. If they’re going to start seizing home mortgages, why stop there?”
If I Bribe City Hall, Can I Reduce My Mortgage?
