California eminent domain underwater mortgages

• In a sign of desperate times, some California city officials may be using some drastic measures to help the glut of struggling borrowers.
(Huffington Post)
• About a fifth of all U.S. mortgages are currently underwater a $5 billion in California, then expand to a $500 billion program nationwide. The plan isnt a sure thing.
(Atlantic Online)
• A California county's That would whack up mortgage costs and may leave Washington as the only lender. The plan is simple enough.
(Reuters Blogs)
• Eighteen banking, securities and housing groups on Thursday issued a stern warning to three California municipalities that would allow them to acquire underwater mortgages under the right of eminent domain.
(Wall Street Journal)
• A controversial project is in the works in Californias San Bernardino County -- one with some interesting implications for the housing ennui. The idea boils down to using eminent domain to seize underwater mortgages.
(Fierce Finance)
• San Bernardino County may be the site the nations next big debate over eminent domain in an effort to help underwater homeowners that may result in the use of seizure powers to buy mortgage-backed securities.
(Contra Costa Times)