Underwater Mortgages, Drowning Cities, and Rogue Financiers

Tuesday, August 6, 2013

A blog post by Robert C. Hockett, Fellow at The Century Foundation.

For six years and counting, multiple local foreclosure crises have brought relentlessly worsening blight, growing numbers of abandoned neighborhoods, and rapidly proliferating municipal bankruptcies to America's cities. So this week, the city of Richmond, Calif., will be the first of what will ultimately be many cities to begin taking bold steps to reverse their foreclosure crises....

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