The city council of Richmond, California
, is prepared to use its right of Eminent Domain
to save citizens at risk of losing their homes to foreclosure.
There were roughly 900 foreclosures in the city last year alone.
Richmond is plagued by 'underwater mortgages' - where the amount owed on a property is greater than the property's fair market value.
The plan is for the city to take on the mortgages and then help home-owners to refinance, making the debt at more manageable.
Click 'Listen' to hear Richmond Mayor, Gayle McLaughlin, on the plan.