NJ Mayor using eminent domain to bailout homeowners in foreclosure

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NJ Mayor using eminent domain to bailout homeowners in foreclosure

NJ Mayor using eminent domain to bailout homeowners in foreclosure

Black Listed News-

Using eminent domain to bail out underwater homeowners won’t fix all Irvington’s problems, but Mayor Wayne Smith thinks anything that can help some residents of his economically struggling township is worth trying.

“It’s not a panacea,” Smith said. “But it looks like it could help some people.”

Irvington is the second municipality in the country to declare its intent to use eminent domain to purchase homes in foreclosure, behind Richmond, Calif. Support for the tactic is gaining traction nationwide in municipalities besieged by foreclosures. Irvington’s neighbor Newark, as well as Brockton, Mass., Chicago, and Yonkers, N.Y., have floated or are studying the idea.

[BLACK LISTED NEWS]

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