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Foreclosure Wire

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On Tuesday the Board of Supervisors will vote on whether to negotiate with Richmond on entering a joint powers agreement that would empower the cities to seize underwater mortgages using eminent domain and then lower troubled borrowers' payments. Richmond mayor Gayle McLaughlin is for the idea; banks, doubtless, are against it—as are officials from Mayor Ed Lee's office, who worry that banks could retaliate by hitting the city with higher bond interest rates. [SF Examiner]