California City Plans to Seize Underwater Mortgages

Richmond city leaders threaten lenders with eminent domain to fight off foreclosures.
0:38 | 08/01/13

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Transcript for California City Plans to Seize Underwater Mortgages
One California town is playing hardball with the banks to fight off for closures. -- how does using and in usual tactic to stop 624. Homes from being repossessed. It's using eminent domain not to build highways or shopping malls but to -- -- of Richmond's residents. From having to move the city is threatening to use that legal power to take underwater homes and let homeowners refinance the race. Now the -- is making those lenders like Wells Fargo chase and Bank of America upset saying that they will sue the city if they go through with that -- -- city of Richmond. Is adamant they say they are not backing down.

This transcript has been automatically generated and may not be 100% accurate.

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