California's San Bernardino County and two of its biggest cities, Ontario and Fontana, want to...
Thursday, July 5, 2012, 5:50 AM ETCalifornia's San Bernardino County and two of its biggest cities, Ontario and Fontana, want to use the concept of eminent domain to forcibly buy underwater mortgages from investors, lower the loan principal to match the value of the property, and then resell the reduced mortgages. Proponents believe they have a strong legal case, but mortgage investors are unsurprisingly opposed. (See Shiller)
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