Underwater Mortgages and the Power of Eminent Domain

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The City of El Monte hasn't done anything yet, but it has started a battle with the mortgage industry and Wall Street players who've invested in home loans.  El Monte wants to seize mortgages that are "underwater" and work out more affordable deals so people can stay in their homes. The financial industry threatens retaliation for what it calls abuse of the power of eminent domain. Also, some California Republicans are bucking their party, supporting jury service, drivers' licenses and other perks for undocumented workers.

Image-for-WWLA.jpgOn our rebroadcast of today's To the Point, Tea-party Republicans are making themselves heard with a challenge not just to Obamacare but to their own leaders on Capitol Hill. Can they shut down the government? Refuse to let Washington pay its bills? Will their own party take the blame if there’s financial upheaval?


Banner image: Jeff Turner




Warren Olney