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Underwater Mortgages

Foreclosed homes on Lucas Street in Richmond (CBS)

Richmond Demands Wells Fargo Drop Lawsuit Over Eminent Domain Mortgage Plan

The mayor of a financially struggling East Bay city and several supporters showed up unannounced Thursday at Wells Fargo Bank’s headquarters to demand it drop a lawsuit fighting a novel plan to refinance hundreds of “underwater” mortgages.

08/15/2013

Foreclosed homes on Lucas Street in Richmond (CBS)

Richmond Threatens Eminent Domain To Address Foreclosure Crisis

The city is the first in the country to take the step of threatening eminent domain to handle underwater mortgages.

07/30/2013