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Local Economy Rescue: Cities Seize Underwater Mortgages Through Eminent Domain

BIZCATALYST 360°
BY BIZCATALYST 360°

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.

 

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WE ARE THE AWARD-WINNING PUBLISHING DIVISION OF 360° NATION —PRESENTING OUR LIFE, CULTURE, AND BIZ MULTIMEDIA DIGEST AS A HUB OF CREATIVE EXPRESSION AND PERSONAL GROWTH. WITH AN EMPHASIS ON ACTION, OUR VAST GLOBAL CONTRIBUTOR COMMUNITY EMPOWERS PEOPLE TO TRANSITION FROM KNOWING WHAT TO DO TO ACTUALLY DOING IT —ALL COMPLEMENTED BY SYNDICATION RELATIONSHIPS WITH A CHOICE GROUP OF EQUALLY INNOVATIVE MEDIA OUTLETS. TODAY AND EVERY DAY, WE SIMPLY DELIVER THE VERY BEST INSIGHTS, INTELLIGENCE, AND INSPIRATION AVAILABLE ANYWHERE —DOING IT OUR WAY BY PLACING OUR WRITERS AND OUR AUDIENCE AT THE FOREFRONT. IT'S MAGICAL. IT'S EVERGREEN. AND QUITE FRANKLY, IT'S JUST GOOD STUFF. PERIOD.

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