Thursday, August 8, 2013

Richmond Residents March on Banks Demanding Relief for Underwater Mortgages

Around 2 dozen residents of Richmond marched to Wells Fargo, Bank of America, and Chase today to deliver a letter and petition in support of the city asking banks and real estate agents to allow it to purchase and refinance underwater mortgages. If the banks and real estate agents do not cooperate, the city has threatened to use eminent domain. Meanwhile, several banks have filed a lawsuit claiming that the city of Richmond's proposed use of eminent domain is unconstitutional. Arielle Zionts reports: