• News
  • SAN DIEGO
  • Government

California city tries new tack in foreclosure plan

RICHMOND, Calif. (AP) -- A Northern California city hit hard by the housing crisis is trying a new strategy in its plan to use its powers of eminent domain to stave off foreclosures.

The Sacramento Bee reports Monday (http://bit.ly/1eCN5eY ) that officials in Richmond who support the plan are looking to partner with other communities in a joint powers authority. The move would require only a simple majority of council votes and could broaden Richmond's initiative to other cities in California or even in other states.

Members of the Richmond City Council have been unable to muster the supermajority of votes needed to approve the eminent domain plan. The program would seize private mortgages in danger of default and then lower the amount homeowners owe.

Opponents argue the eminent domain plan would disrupt the country's mortgage industry.

___

Information from: The Sacramento Bee, http://www.sacbee.com

Leave Your Comment

Comments are moderated by SDDT, in accordance with the SDDT Comment Policy, and may not appear on this commentary until they have been reviewed and deemed appropriate for posting. Also, due to the volume of comments we receive, not all comments will be posted.

SDDT Comment Policy: SDDT encourages you to add a comment to this discussion. You may not post any unlawful, threatening, defamatory, obscene, pornographic or other material that would violate the law. All comments should be relevant to the topic and remain respectful of other authors and commenters. You are solely responsible for your own comments, the consequences of posting those comments, and the consequences of any reliance by you on the comments of others. By submitting your comment, you hereby give SDDT the right, but not the obligation, to post, air, edit, exhibit, telecast, cablecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comment(s) and accompanying personal identifying and other information you provide via all forms of media now known or hereafter devised, worldwide, in perpetuity. SDDT Privacy Statement.

User Response
0 UserComments

Leave Your Comment

Comments are moderated by SDDT, in accordance with the SDDT Comment Policy, and may not appear on this commentary until they have been reviewed and deemed appropriate for posting. Also, due to the volume of comments we receive, not all comments will be posted.

SDDT Comment Policy: SDDT encourages you to add a comment to this discussion. You may not post any unlawful, threatening, defamatory, obscene, pornographic or other material that would violate the law. All comments should be relevant to the topic and remain respectful of other authors and commenters. You are solely responsible for your own comments, the consequences of posting those comments, and the consequences of any reliance by you on the comments of others. By submitting your comment, you hereby give SDDT the right, but not the obligation, to post, air, edit, exhibit, telecast, cablecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comment(s) and accompanying personal identifying and other information you provide via all forms of media now known or hereafter devised, worldwide, in perpetuity. SDDT Privacy Statement.