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Bank of New York Company
Some call on city to explore eminent domain to combat blight
Some call on city to explore eminent domain to combat blight

A California city's controversial plan to use eminent domain to help its residents burdened with mortgages worth more than their homes has caught the eye of some Baltimore leaders, who say the city might benefit from the program. There are thousands of such underwater mortgages in Baltimore, so 4th District Councilman Bill Henry has asked the City Council to explore the possibility of using the city's power to take mortgages from banks and then work with a private firm to refinance the loans based on current property value. The city of Richmond, Calif., pioneered the idea by establishing an authority to offer to buy underwater loans from lenders and, if refused, seize them by...

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