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Richmond’s Rules: Why One California Town is Keeping Wall Street Up at Night

Very early on a Wednesday morning in September, the city council of Richmond, Calif., did something that no American city had yet managed: It voted for a plan to wrest underwater mortgages from the hands of Wall Street, depriving investors of tens of millions of dollars in order to save borrowers from foreclosure.

via Richmond’s rules: Why one California town is keeping Wall Street up at night.

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