The plan by the California city of Richmond to use eminent domain as a tool to seize underwater mortgages is garnering widespread concern from politicians and industry groups. "The action being taken by the city of Richmond will hurt many more homeowners both within the city and around the country than it is alleged to help. It will raise borrowing costs for numerous homebuyers and could end up restricting credit availability," said former Sen. Judd Gregg, SIFMA's CEO. Read SIFMA's statement on Richmond's plan.
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