The city of San Bernardino is planning to file for chapter 9 bankruptcy protection, as it has seen large numbers of foreclosure activity during the last few years. In May and June the city had the dubious honor of having the third highest foreclosure rate amongst California cities with a population of 200,000 or more.
Why Using Eminent Domain To “Fix” Underwater Mortgages Must Be Stopped
July 11, 2012 by
Lately a number of local municipal governments in California have been considering a seizure of thousands of properties with underwater mortgages, by utilizing their “police power” known as “Eminent Domain”. But eminent domain was never intended for this purpose.
