Calif. city implements eminent domain plan
A San Francisco Bay Area city is moving ahead with its first-in-the-nation plan to use the government's constitutional power of eminent domain to seize hundreds of underwater mortgages.
The Richmond City Council voted, 4-3, on Wednesday to set up a Joint Powers Authority to bring more cities into the plan. Mayor Gayle McLaughlin said other cities have expressed interest.
Under the plan, Richmond would use eminent domain to seize underwater mortgages. It would then offer the bank fair market value for them and give the homeowners a new loan that would lower monthly payments and improve the owner's chances of staying.
Banks have sued to stop Richmond from proceeding.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Car dealerships turn advertising, sales focus to women
- How to stand out, succeed in short-tenure jobs
- Dollar’s strength bruises companies
- Businesses pursue A-list clients
- Kim Komando: Dig up dirt on daughter’s boyfriend online
- Hackers cash in on online payday loans
- India’s poor, traders fear push to ban beef
- Celebrity chef backings, farm-to-table trend help healthy fast-food market thrive
- Glaxo to close Moon office, affecting 274 workers
- U.S. oil, natural gas rig count drops by 34 to 954