IT’S OUR MONEY WITH ELLEN BROWN — EMINENT DOMAIN TO THE RESCUE? — 07/02/14

A flood of foreclosures in neighborhoods, cities and towns can cause everyone’s real estate equity to plunge. Some towns would like to step-in to protect their communities, but they can’t get the mortgage notes written down to affordable levels for contractual reasons. The solution: use eminent domain  to claim the properties for the municipality, then renegotiate them on behalf of struggling homeowners.  Ellen talks with the pre-eminent legal mind behind the emerging eminent domain stratagem, Cornell professor Robert Hockett, whose idea has been catching on in towns across America, including some of the biggest.