“Scarcely touched by the nation’s housing recovery, Richmond is about to become the first city in the nation to try eminent domain as a way to stop foreclosures. The city plans to use eminent domain to buy both current and delinquent loans, with the city writing down the debt to allow homeowners to refinance at a new, lower amount through a government program. Naturally, the original lenders have warned that such a move will bring a host of lawsuits and halt mortgage lending in any city that adopts such an unconstitutional scheme. What promises to follow is a mess of epic proportions.”

http://sovereign-investor.com/2013/08/15/is-the-constitution-bailing-out-the-banks/

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