AP: California cities ponder seizing underwater mortgages
In the foreclosure-battered inland stretches of California, local government officials desperate for change are weighing a controversial but inventive way to fix troubled mortgages: Condemn them.
Read all about it, from The Associated Press via Boston.com.
What do you think? Creative government solution to a crisis situation? Or shark developers taking advantage of desperate local governments trying to deal with a crisis situation. Or, since almost all dichotomies are galse: Something in between?
–rm
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