Last year we read about the plan of the City of Richmond California to condemn underwater mortgages to squeeze them from financial institutions and refinance them for the homeowner. Financial institutions sued and the plan was aborted. But now we read that the City of San Francisco has an idea to partner with nearby Richmond on the same program. Supervisor John Alvos was quoted in the San Francisco Examiner as saying, “The issue of distressed mortgages is real in San Francisco, data showed that there are hundreds of homes at… read more
October 8, 2014