Calif. City Becomes 1st To Launch Mortgage Seizure Plan

Law360, New York (September 11, 2013, 6:09 PM ET) -- Richmond, Calif., on Wednesday reportedly became the first city to move forward with a controversial plan that would see it seize underwater mortgages using its eminent domain powers.

At the end of a hotly contested hearing that ended well past midnight local time, the Richmond city council voted 4-3 to move forward with a plan that would set up a so-called joint powers authority that would allow other cities to join in the eminent domain plan, which the banking and real estate industries have been battling...
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