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Take Two

Banks sue City of Richmond over eminent domain plan

By Take Two Staff
Published Aug 8, 2013
A worker removes furniture from a foreclosed home before the start of a bus tour of foreclosed and blighted properties on July 13, 2012 in Richmond, California. Members of the group Alliance of Californians for Community Empowerment (ACCE) joined city officials and Richmond mayor Gayle McLaughlin on a bus tour to view foreclosed properties in neighborhoods in Richmond that have been hit the hardest by foreclosures.
A worker removes furniture from a foreclosed home before the start of a bus tour of foreclosed and blighted properties on July 13, 2012 in Richmond, California. Members of the group Alliance of Californians for Community Empowerment (ACCE) joined city officials and Richmond mayor Gayle McLaughlin on a bus tour to view foreclosed properties in neighborhoods in Richmond that have been hit the hardest by foreclosures.
(
Justin Sullivan/Getty Images
)

Take Two translates the day’s headlines for Southern California, making sense of the news and cultural events that affect our lives. Produced by Southern California Public Radio and broadcast from October 2012 – June 2021. Hosted by A Martinez.

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Listen 5:47
Banks sue City of Richmond over eminent domain plan

Late last month we told you about the Bay Area city of Richmond, a typical blue collar town hit hard by the housing crisis.

Richmond is still struggling with underwater mortgages and foreclosed homes, so city officials came up with a plan to use eminent domain to seize the mortgages and reduce the amount still owed by homeowners.

Now some major banks are suing the city, arguing that the plan is unconstitutional. Nick Timiraos, real estate reporter for the Wall Street Journal, joins the show with more.