Foreclosure Plan: Crony Capitalism?

These days, when real estate investors talk about bubbles, they are referring to the new one that might now be inflating as home sellers sift through a frenzy of offers. Yet some government officials pursue a murky deal to “solve” the dissipating housing crisis by marrying government power with private enrichment. The Bay Area city of Richmond is the first one to sign on to an idea that lenders fear could sweep the state.