Here and Now with Robin Young and Jeremy Hobson
Public radio's live
midday news program
With sponsorship from
Mathworks - Accelerating the pace of engineering and science
Accelerating the pace
of engineering and science
Thursday, August 1, 2013

Calif. City To Use Eminent Domain To Stem Foreclosures



The city of Richmond, California, has plans to become the first city in the country to use eminent domain to stop home foreclosures.

Eminent domain is typically used to force homeowners to sell their property to make way for a new sports stadium or highway, for example.

But earlier this week, Richmond announced it had sent letters to banks and mortgage holders, threatening to use eminent domain to seize more than 600 underwater mortgages if lenders don’t agree to sell them the loans by mid-August.

The idea comes from the San Francisco-based private equity firm Mortgage Resolution Partners, which is helping Richmond. The firm is also working with cities and towns across the country that are considering this approach.

Wall Street banks strongly oppose the plan, threatening lawsuits if it goes through. Critics in the banking industry argue that using eminent domain in this way could hurt the housing market.


Please follow our community rules when engaging in comment discussion on this site.
Robin and Jeremy

Robin Young and Jeremy Hobson host Here & Now, a live two-hour production of NPR and WBUR Boston.

May 26 4 Comments

As Lethal Heroin Overdose Numbers Rise, Families Find Solace In Organ Donation

Organ banks around the country have noted an increasing number of organs from donors who have died of overdoses.

May 26 3 Comments

NEADS Assistance Dog Bailey Graduates From Service Dog Training

NEADS provides dogs like Bailey, a yellow Labrador, for deaf and disabled Americans.

May 25 Comment

Celebrating The Class Of 2016: Peace Odiase

Odiase is one of two valedictorians at Fisk University, a historically black college in Nashville, Tennessee.

May 25 8 Comments

NEADS Service Dog Meets His Match

Here & Now has been tracking service dog Bailey, who recently met his new owner, since last year.