Richmond, Calif to Try Eminent Domain to Reduce Foreclosures

The banksters are pissed. How dare the City of Richmond, California try to use its power of eminent domain to stop housing foreclosures in its city?

Generally, governmental bodies use eminent domain to force people to sell their land and/or homes to make way for projects (like freeways) which are for the common good. Long ago, the Occupy Wall Street movement suggested that cities could use eminent domain to buy up mortgages and reduce homeowner debt– before the homeowners are forced out of their underwater mortgages by the banksters.

Remember the old Occupy chant? “Banks got bailed out. We got sold out.” The US government bailed out the Wall Street gamblers who crashed the worldwide economy, created and burst the housing bubble, caused businesses to close and lay off workers, and plunged millions of Americans into homelessness or rental units when they lost their homes. The federal government has done almost nothing to help the millions of beleaguered homowners who have lost their homes or are on the verge of it. Check out Richmond's plan after the jump.