Occupy.com – In Defiance Of Wall Street, Richmond, Calif., Declares Eminent Domain For Underwater Mortgages – 16 September 2013


This article originally appeared on CBS

RICHMOND — An unprecedented plan to buy struggling Richmond homeowners’ underwater mortgages is moving forward.

The Richmond City Council voted 4 to 3 early Wednesday morning to continue pursuing the controversial plan, which could use the city’s power of eminent domain to force bondholders to sell underwater loans, allowing homeowners to restructure their mortgages.

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