Economic News...was light for the week. Manufacturing and Employment data met expectations. Even though the market was calm, news in the mortgage world was more robust. Several cities have investigated the use of Eminent Domain to seize underwater mortgages within their jurisdiction, modify the terms of the loans and then resell them. While this sounds like a worthy goal there may be a backlash from those willing to lend in these areas in the future. Just in the last few weeks Richmond, CA has moved further than … [Read more...]