Wall Street Lobbyists Nervous As Cities Use Eminent Domain to Protect Homeowners

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Wall Street Lobbyists Nervous As Cities Use Eminent Domain to Protect Homeowners

Wall Street Lobbyists Nervous As Cities Use Eminent Domain to Protect Homeowners

This should spread like the MERS virus!

HuffPO-

Usually a community group has to protest in front of a bank, take over a corporate shareholders’ meeting, or get arrested at a politicians office or a slumlord’s home to make the front page of the New York Times.

But on Tuesday, the Home Defenders League – a coalition of community groups who organize homeowners facing foreclosure – made the Times’ front page simply by using two words: “eminent domain.”

Reporter Shaila Dewan’s article,”A City Invokes Seizure Laws to Save Homes,” described the group’s efforts in Richmond, California, where it is working with city officials to help families facing foreclosure and save blighted neighborhoods overrun with foreclosed homes by using its power of eminent domain to purchase mortgages and re-sell them to homeowners at a reduced price.

As the Times’ story noted, Wall Street lobbyists are waging a legal, political, and ideological war to stop Richmond and other upstart cities from taking control of their own destinies.

[HUFFINGTON POST]

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