Richmond, California is attempting to keep homeowners in their homes by using eminent domain to buy underwater mortgages, and the banks don't like it.
Big investors have been snapping up foreclosed homes and turning them into rentals. Now some of those investors are hoping to capitalize on their distressed buys -- and share the spoils with the general public -- by going public.
Starting today, checks are on the way to victims of wrongful foreclosures as part of a $3.6 billion settlement between banks and federal regulators. But for most of those borrowers, it won’t exactly be Christmas in April.