3 ms·

IIRC Oakland is looking into using eminent domain to seize mortgages (not the physical property that's mortgaged, but the mortgages themselves) so it can then f

IIRC Oakland is looking into using eminent domain to seize mortgages (not the physical property that's mortgaged, but the mortgages themselves) so it can then forcibly refinance them on terms better to the borrowers.

malyk 13y ago
I believe the city of Richmond, CA (in the bay area, green party mayor) has already passed a provision to use eminent domain for the same reason. Oakland is following their lead.
- fennecfoxen 13y ago
  And I believe the FHA and all the banks have threatened to end all future mortgage lending in the area if the courts actually let them go through with it. I wonder what requiring cash up front will do to home prices...
  - ffrryuu 13y ago
    Nothing, most home buying is already in cash in the area. The rich are getting incredibly rich nowadays.
    - aetherson 13y ago
      You're claiming that "most" home buying in Oakland is all-cash? That's deeply detached from reality.