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Underwater Mortgages and the Power of Eminent Domain

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About 1000 homes are "underwater" in the City of El Monte. That means the owners owe more on their mortgages than their houses are worth. Now city officials may go the way of Richmond, up in the San Francisco Bay Area, which has adopted a plan to seize mortgages under the power of eminent domain. 

Credits

Guests:
Andre Quintero - City of El Monte - @AndreQuintero, Vincent Fiorillo - Association of Mortgage Investors, Steven Gluckstern - Mortgage Resolution Partners

Host:
Warren Olney

Producers:
Anna Scott, Sarah Rogozen, Evan George