"Richmond city leaders were moving ahead with a plan to head off the foreclosure crisis, a plan that is not without controversy.
The city has offered to buy more than 600 underwater mortgages at below the homes’ current value."
“We have a large percentage of homes here that are underwater and the effect that it’s having on the community is kind of devastating in the fact that we are always behind in what we need in terms of revenues for our city,†he said.
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http://sanfrancisco.cbslocal.com/2013/07/30/richmond-threatens-eminent-domain-to-address-foreclosure-crisis/
"Richmond city leaders were moving ahead with a plan to head off the foreclosure crisis, a plan that is not without controversy.
The city has offered to buy more than 600 underwater mortgages at below the homes’ current value."
“We have a large percentage of homes here that are underwater and the effect that it’s having on the community is kind of devastating in the fact that we are always behind in what we need in terms of revenues for our city,†he said.
#housing