U.S. Government Says No To Richmond, California's Foreclosure Solution Idea
I recently wrote an article talking about a city in California with a new way of dealing with foreclosures. The city highlighted in the article is Richmond and the “new way” involves seizing properties (by using eminent domain) and take over the mortgages of underwater homes in the city in an effort to help homeowners and the area’s real estate market.
However, apparently this “new way” is not settling well with the United States government – the Federal Housing and Finance Agency (FHFA) in particular. - See more at: http://www.bankforeclosuressale.com/wp/article-08194406.html#sthash.xuXdrI5P.dpuf