Richmond, California Has Yet to Exercise Eminent Domain to Seize Underwater Mortgages, 6/30/14
While the city of Richmond is the first municipality to approve the concept of using eminent domain to acquire underwater mortgages, the city has yet to actually do so. The City Council has been unable to get the needed 5 out of 7 votes to go through with eminent domain proceedings. Therefore, the city is… Read more »