Released: July 16, 2012
Cities weigh mortgage ‘condemnation’
Source: Associated Press
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.Read Full Article: Cities weigh mortgage ‘condemnation’