calif cities and counties thinking about using eminent domain to seize mortgages

[Don Quixote]

this is an interesting possible solution to mortgages where homeowners are upside down

though it is fraught with peril and legal issues

http://news.yahoo.com/calif-cities-eye-plan-seize-mortgages-190416716--finance.html

 

[Cancel 2018. 3]

that is interesting. imo...i don't believe this solution will work in the long run or short run. in the long run, property values will go back up. just give it time.

i'm a bit callous regarding this situation. i live in a highly desirable area of california and i didn't buy a house during the boom. i listened to those with more experience and just kept renting. when prices went down, then i went out. others could have done the same.