Podcast: The Legality Of Using Eminent Domain To Stem Foreclosures

Cities around the country have been ravaged by significant numbers of community foreclosures following the mortgage loan scandals of recent years. Big banks have been wheeling and dealing these finance contracts, often illegally, to execute fraudulent takings of property or profiteering from servicing fees. But they may now be facing their Achilles Heel with challenges to their ownership by bold government leaders who want to stanch the bleeding of community economic health.  Ellen talks with the pioneer of this eminent domain legal stratagem, Prof. Robert Hockett of Cornell University, about the legal rationale and the probability of its success in Richmond, CA and elsewhere. Ellen also reviews notable recent monetary news items and co-host Walt McRee provides an update on news from the world of the public banking movement.