Half of San Bernardino County's 300,000 mortgages are underwater. In an attempt to ease the mortgage crisis, the Southern California county is considering taking control of some of those properties by eminent domain.
County and city officials in San Bernardino, Calif., are considering a controversial plan: using the power of eminent domain to take over "underwater" mortgages, where the value of the home is worth less than the original loan. Taking on those properties, officials say, would allow the homeowners to refinance those troubled loans.
Guest Host Maria Hinojosa talks with Kamala Harris, California's Attorney General about the state's newly passed "Homeowner Bill of Rights." The law, which was signed yesterday by Governor Jerry Brown, makes it harder for lenders to seize a property and allows homeowners to sue to stop a foreclosure process.