Sunday, June 16, 2013

Richmond Mulls Eminent Domain to Save Underwater Homes

Richmond city leaders are considering a far reaching plan to help homeowners stuck with underwater loans. City officials say they are contemplating using eminent domain to seize the loans from banks, pay fair market value for them, and help homeowners refinance into affordable loans. Reporter Sharon Sobotta attended a townhall meeting that rolled out the proposal in Richmond this weekend.