BREAKING NEWS: Newark Votes, Approves Use of Eminent Domain to Fight Foreclosures–First Domino Falls

Bravo! If only more states and cities had the same testicular fortitude!

Justice League

BREAKING NEWS: Newark Votes, Approves Use of Eminent Domain to Fight Foreclosures–First Domino Falls

Newark, New Jersey has become the first city in the country to officially approve a controversial plan that uses eminent domain to fight foreclosures and neighborhood blight. 

Newark’s new mayor, Ras Baraka, introduced the resolution and the Newark Municipal Council, which passed it unanimously, according to a press release issued today by New Jersey Communities United (unitednj.org), which describes itself as a progressive grassroots community organization committed to building power for low and moderate income people, predominantly in Newark.

According to the release…

“Newark Council Unanimously Approves Resolution Supporting Local Principal Reduction Program for Families Facing Foreclosure
Mayor-Elect Ras Baraka Leading Fight Against Foreclosure Crisis in Newark”

The program would allow homeowners trapped in certain type of mortgage, known as a Private Label Security or PLS Loans, to voluntarily participate in a program where the City purchases…

View original post 130 more words

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s