The tactic was recently written about in the San Bernardino Sun, based an idea proposed by Mortgage Resolution Partners. Under San Bernardino County’s program, eminent domain would be used to seize control of distressed mortgages from homeowners, and replace those mortgages with more affordable ones that would help the homeowner stay in their homes.
L.A. City Councilman Richard Alarcon is supporting that tactic, and joins KCRW’s Steve Chiotakis to explain.