Can Boston use Eminent Domain to avoid foreclosures and re-float underwater homes

brian_cady70.jpgPerhaps the City of Boston could follow the footsteps outlined in Matt Taibbi's Rolling Stone article. The city would take underwater or to-be-foreclosed homes by eminent domain, paying the loan company the current market value of the home, while arranging a writedown of the previous mortgage, so that the residents can re-finance with the city, despite the banks, at the current, real value of the home. Then the city would sell the new mortgage on the mortgage market, I guess.

I recommend Matt Taibbi's article, at:

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  • followed this page 2016-09-29 11:41:14 -0400
  • @NaytDX tweeted link to this page. 2012-10-22 19:00:40 -0400
    Can Boston use Eminent Domain to avoid foreclosures and re-float underwater homes http://t.co/I7rBkWNf
  • published this page in Economy & Labor Blog 2012-07-22 17:42:00 -0400