Calif. City Proposes Unique Plan To Avoid Foreclosures

Sep 12, 2013
Originally published on September 12, 2013 6:09 am

A federal judge in San Francisco on Thursday hears arguments over a radical plan to stem the foreclosure crisis. The City of Richmond is proposing to buy underwater mortgages in order to help keep local residents in their homes. If banks don't want to sell those mortgages, the city says it is prepared to invoke eminent domain to seize the mortgages.