Kansas City Richmond, California became the first city in the country to take charge of the foreclosure crisis, lingering since 2007, by using its powers of eminent domain to force the hands of the banks to renegotiate the mortgages to market value. As it happens, this issue of Social Policy leads with a great …
Category: Foreclosure
Another Billion in Subprime Losses for Wells Fargo and Ocwen
New Orleans A billion here, a billion there, and the next thing you know, you’re talking about real money. This is another line on the headstone of the subprime mortgage industry that was such a key player in the Great Recession. News that investors took another unexpected loss of a billion bucks in these tranches …
Richmond’s Fight to Use Eminent Domain to Stop Home Foreclosures
New Orleans Talking to community activists this week who are among the sparkplugs behind the Richmond Progressive Alliance (RPA) in Richmond, California, one of the hot topics was the investigation by the city of whether or not eminent domain might force refinancing of houses facing foreclosure that are “underwater,” where owners owe more than market …