Updated Wednesday, July 30, 2014 as of 3:06 AM ET
- Bank Channel
Eminent Domain Mortgage Seizures Down But Not Out
by: Michael E. Reyen
Wednesday, June 18, 2014
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The city of Richmond, Calif., was the first municipality to approve the use of eminent domain to acquire underwater mortgages in an effort to reduce foreclosures. But because the city council has been unable to muster the supermajority five out of seven votes necessary to actually use eminent domain, it will need to partner with another community to form a joint powers authority and carry out the plan. To date, it has not had any takers. 

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