RICHMOND, CA-The city of Richmond could invoke eminent domain for underwater mortgages by uniting with another city in a joint powers authority.
Even without getting a supermajority vote of the city council, the controversial idea could move forward, according to a report in the San Francisco Chronicle.
The issue was discussed at a crowded council meeting Tuesday night, where council members voted 4-2 to set guidelines for using eminent domain to seize and restructure underwater mortgages and prevent foreclosures.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
