Richmond, California's leaders approved a plan for the city to become the first in the nation to acquire mortgages with negative equity in a bid to keep local residents in their homes.
The power of eminent domain allows governments to seize private property for a public purpose. Critics say the plan threatens the market for private-label mortgage-backed securities.
Richmond's city council voted 4 to 3 for Mayor Gayle McLaughlin's proposal for city staff to work more closely with Mortgage Resolution Partners to put the plan crafted by the investor group for the city to work.
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2 comments:
Rolling private debt to public...how stupid can you be?
Its corrupt stupid city officials versus corrupt mortgage banks- like the Syria war, lets stay out of it and let them destroy each other.
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