Banksters hate this. Richmond CA plans to seize negative equity mortgages under eminent domain if holders of the mortgages refuse their offers to buy at deep discounts.
A Reuters article about this plan, which would repackage the mortgages at greatly reduced prices, allowing homeowners to stay in their houses, is so obviously biased against the plan it’s almost comical. A “Wall Street-bashing Green Party mayor” apparently is scaring the poor little banksters. I feel Wall Street’s pain, don’t you?