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)