Eminent domain being considered for California's mortgage mess.

[myrobbins7]

http://www.nytimes.com/2012/07/15/u...-of-underwater-homes.html?_r=2&pagewanted=all


Desperate for a way out of a housing collapse that has crippled the region, officials in San Bernardino County, where Fontana is one of the largest cities, are exploring a drastic option — using eminent domain to buy up mortgages for homes that are underwater.

 

[GAVol]

What a colossally bad idea.

 

[YorkVol]

Think it would give incentive for lots of financial institutions to flee the area.