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Old 07-18-2012, 05:12 PM   #1860920  /  #1
Autonemesis
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Default Struggling cities resort to eminent domain to halt foreclosures

Foreclosure Crisis: 'Eminent Domain' Strategy Could Save Struggling Cities

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Under the proposal, cities and counties would argue that a public purpose is served by condemning the mortgages under eminent domain because the cities and counties face economic blight and a damaged tax base.

Discussion of the idea is taking place in one of the epicenters of the housing crisis, a working-class region east of Los Angeles where housing prices have plummeted. Last week brought another sharp reminder of the crisis when the 210,000-strong city of San Bernardino, struggling after shrunken home prices walloped local tax revenues, announced it would seek bankruptcy protection.

Now and amid skepticism on many fronts officials from the surrounding county of San Bernardino and cities of Fontana and Ontario have created a joint powers authority to consider what role local governments could take to stem the crisis.
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