Chicago considers eminent domain to seize underwater mortgages

Using eminent domain to seize underwater – but performing – mortgages is no longer just a California idea. The Chicago City Council will hold a hearing soon to consider a similar program. 07/26/2012

worth by using their power of eminent domain to take those negative-equity or so-called “underwater” mortgage loans and forcibly refinancing them. 1 Such an approach has never been used before so there are many questions as to whether using eminent domain to take underwater mortgage loans would be legally and practically viable.

Eminent Domain: Are you next? 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.

 · Calif. County Considers Eminent Domain To Help Underwater. Use the power of eminent domain to acquire mortgages from current lenders. investors say it’s a legitimate use of eminent domain.

The practice the associations are so worried about was spawned by a San Francisco investment fund called Mortgage Resolution Partners. In it, towns working with MRP use eminent domain to seize current.

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Chicago is the latest city to join a growing list of cities and counties across the country that are considering using Eminent Domain in order to seize underwater mortgages. The controversial idea of using Eminent Domain first surfaced in San Bernardino County, Calif.

The City of Chicago will hold a hearing over using eminent domain to seize underwater mortgages.

 · Other cities eye eminent domain to rescue underwater borrowers. HomeNews.. although they have yet to seize any mortgages – and now other cities are.

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In conjunction with a San Francisco outfit called Mortgage Resolution Partners, San Bernadino is considering a plan to exercise eminent domain and seize mortgage liens on some of those underwater..

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Local governments from New York to California are increasingly considering plans to seize mortgages. discuss using eminent domain, whose advocates include Yale University’s Robert Shiller and actor.

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A proposal by San Bernardino County to use eminent domain to seize. considered to aid underwater borrowers. Tom Deutsch, executive director of the American Securitization Forum, a trade group for.