The Presidential Daily Brief

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  1. Seize the Day

    Richmond, California plans to help residents facing foreclosure by using eminent domain, a tactic usually reserved for making way for roads. In a bold move, the small town in Northern California, hard hit by the recession, is the first in the nation to buy up delinquent loans at fair market value to keep residents in their homes. It’s a move that is being closely watched by other cities, as well as by big banks, who predict that it will bring lawsuits and slow mortgage lending.

    Source:  New York Times

     

    California City Invokes Eminent Domain to Save Homes From Foreclosure

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