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PBS NEWSHOUR

Calif. City Contemplates Eminent Domain to Save Foreclosures

  • Aired: 09/19/2013
  • 11:46
  • Rating: NR
Half of all homeowners in Richmond, Calif., owe more on their property than what it is worth, prompting the city to consider using the power of eminent domain to seize underwater mortgages and help residents stay in their houses. But detractors say that move will hurt the city by alienating Wall Street. Hari Sreenivasan reports.
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Calif. City Contemplates Eminent Domain to Save Foreclosures
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Calif. City Contemplates Using Eminent Domain to Solve Their Foreclosure Crisis
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