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Eminent Domain Takes Root in Areas with High Unemployment, Poverty – To address widespread negative equity in their local communities, at least 15 cities and counties are considering using eminent domain to seize underwater homes from lenders and investors and lower.
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Mortgagebrokerelpasotexas – Contents Seize underwater mortgages. Entertainment industry economics Plan passes constitutional muster Bank production profits improved Venture capital firm chicago considers eminent domain to seize underwater mortgages. Using eminent domain to seize underwater – but performing – mortgages is no longer just a California concept.
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Abandons Eminent Domain Mortgage Plan" Alejandro Lazo, LA Times, January 24, 2013, www.latimes.com. Recent other cities reported to be considering the plan are Chicago, Illinois and Brockton, Massachusetts. See "Chicago Considers Eminent Domain to Seize Underwater Mortgages" Jon Prior, Housing Wire, July 7, 2012,
Hot on the heels of a proposed eminent domain plan in San Bernardino County California, the city of Chicago is considering a similar plan for underwater mortgages in Cook County. Eminent domain is a little-mentioned government power that allows it to seize property with fair compensation to the owners, as long as it benefits the public good.
Chicago considers eminent domain to seize underwater mortgages monday morning cup of Coffee: Congressman tries to tackle eminent domain plans Christina Mlynski is a Reporter at HousingWire.
The City of Chicago will hold a hearing over using eminent domain to seize underwater mortgages. The idea first came under consideration in San Bernardino County, Calif. Venture capital firm Mortgage Resolution Partners is pitching the idea to several cities across the country. Using investor dollars, local governments would seize performing mortgages in negative equity, reduce the principal for the borrower and refinance it into a government-backed loan.
SAN FRANCISCO, Sept 30 (Reuters) – As Richmond, California, moves forward with a plan to help struggling homeowners by using its power of eminent domain to seize underwater mortgages. The SEIU.
California County Considers Using Eminent Domain to Seize Underwater Mortgages. by Dechert LLP + Follow Contact. LinkedIn Facebook. The agency, which oversees Fannie Mae and Freddie Mac, said it has "significant concerns" about the use of eminent domain. of mortgage investors are boycotting the plan, which is also being.
has offered to purchase 624 home loans from mortgage servicers and trustees. Fontana and Ontario dropped their plans to use eminent domain to seize underwater homes, citing a lack of community.
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