Tags: Seizing | Mortgages

Calif. Cities Eye Plan to Seize Mortgages

Sunday, 15 Jul 2012 05:02 PM

 

  Comment  |
   Contact  |
  Print   |
    A   A  
  Copy Shortlink

In the foreclosure-battered inland stretches of California, local government officials desperate for change are weighing a controversial but inventive way to fix troubled mortgages: Condemn them.

Officials from San Bernardino County and two of its cities have formed a local agency to consider the plan. But investors who stand to lose money on their mortgage investments have been quick to register their displeasure.

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.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  Comment  |
   Contact  |
  Print   |
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Franken Opposes Obama Treasury Nominee

Sunday, 28 Dec 2014 22:56 PM

Democrat Sen. Al Franken is urging supporters to join him in opposing President Barack Obama's nominee for Treasury Depa . . .

Grand Ole Opry's Little Jimmy Dickens Hospitalized

Sunday, 28 Dec 2014 22:36 PM

Grand Ole Opry legend Little Jimmy Dickens has been hospitalized with an undisclosed illness. Jessie Schmidt, a publicis . . .

'Possible Discharge' May Come Soon for George HW Bush

Sunday, 28 Dec 2014 20:53 PM

A spokesman for George H.W. Bush says that the former president will remain in a Houston hospital for now but that news  . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved