The 13.000-member, $103 million Cooperative Center Federal Credit Union expressed support Sept. 24 for Richmond, Calif., to obtain and restructure some mortgages even if the Bay Area town has to use eminent domain.
In a statement, the Berkeley, Calif.-based credit union said the goals of the program outweighed its risks.
"We believe that modifying heavily underwater mortgages to keep residents in their homes, instead of foreclosing and kicking them out, has a tremendous benefit to the community, Cooperative Center said.
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