Richmond, California takes on underwater mortgages

Richmond, California's City Council voted 4 - 3 to expand a new concept they passed recently  to other cities. The  Council voted on Wednesday to use their power of eminent domain to seize underwater mortgages. Then, they would offer the bank current market value, and create a new loan for the homeowner at a lower payment. The goal here is to help people stay in their homes with a payment they can afford. Banks have filed lawsuits to stop Richmond from moving ahead with this plan...a first of its kind in the country.