Fontana, Calif. - Browning lawns surround the otherwise neat houses in these once-sparkling developments where foreclosures have become more common than neighborhood cookouts. Each patch of dead grass is a reminder of the inescapable truth: many homes here, as they are elsewhere around the country, are worth half what they were just five years ago.
Desperate for a way out of a housing collapse that has crippled the region, officials in San Bernardino County, where Fontana is one of the largest cities, are exploring a drastic option — using eminent domain to buy up mortgages for homes that are underwater.
Then, the idea goes, the county could cut the mortgages to the current value of the homes and resell the mortgages to a private investment firm, which would allow homeowners to lower their monthly payments and hang onto their property.
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1 comment:
The article says that the financial crisis and high unemployment won't be fixed until house building industry fires up again! WHAT are these people thinking? The whole problem is too many houses and no one able to buy them!!!!!! Maybe if the Californians thought to make things that people WOULD buy for a price thet's COMPEPTETIVE instead of hiring more tax sucking government employees to "study" the problem, it would solve itself! NOPE! More government think tanks, studies, tax collectors, and mandate explainers is what they need out there! YUP! My government wants to build more houses next to the empty ones that no one is buying so we can all have jobs and buy houses we have too many of! OKAY! That was so simple, why isn't the whole country doing it?
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