Calif. city advances eminent domain plan to halt foreclosures

07/30/2013 | New York Times (tiered subscription model), The

Richmond, Calif., is moving ahead as the first municipality in the nation to use eminent domain to keep struggling homeowners in their homes. The city, where about half of homeowners are underwater on their mortgages, this week sent letters to owners and servicers offering to buy 626 underwater loans. The offers are the first step in the eminent domain process. Finance industry groups say the use of eminent domain for mortgages is unconstitutional.

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