Richmond, Calif., gives green light to eminent domain plan

09/11/2013 | Reuters

City leaders in Richmond, Calif., have voted 4-3 to approve a plan allowing the city to use eminent domain to seize mortgages on homes that are underwater and refinance the loans to reduce the principal owed. Critics say the plan will harm mortgage-backed securities, and lawsuits have already been filed to stop the practice.

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