Perspective
Aug. 13, 2013
What the Richmond mortgage seizure plan is — and is not
The problem is that these securitization arrangements were developed during a time when many had the foolish idea that home prices generally "only go up." The plan is meant to address that, and only that. By Robert Hockett
As one of those who has been designing and advocating eminent domain plans for deeply underwater mortgage loans since the outbreak of crisis in 2007-2008, I am continually surprised by much that I hear about what is now underway in Richmond and dozens of other hard-hit cities across the nation. Some such surprise is occasioned by things said by those who support such plans. Much is occasioned by things said by those who do not. It might be in or...
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