California city becomes first to adopt eminent domain plan

The city of Richmond, California, said on Tuesday it will use its power of eminent domain, if necessary, to seize “underwater” mortgage loans to keep its residents in their homes, becoming the first US municipality to adopt such an approach.

via Business feed http://www.scmp.com/business/economy/article/1293327/california-city-becomes-first-adopt-eminent-domain-plan