Local Economy Rescue: Cities Seize Underwater Mortgages Through Eminent Domain

In 2005, Rodney Conway and his wife, Vicki, paid $340,000 for their 950-square-foot two-bedroom home in Richmond, California, a blue-collar city in the Bay Area. Today the home is worth about $140,000. But the couple still owes $320,000 and makes monthly mortgage payments to the Bank of America.

via To Rescue Local Economies, Cities Seize Underwater Mortgages Through Eminent Domain | The Nation.

Eminent Domain: How the Courts are Transforming Texas Land Rights (stateimpact.npr.org)

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Local Economy Rescue: Cities Seize Underwater Mortgages Through Eminent Domain

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