Three jurisdictions in California are considering a plan to use eminent domain to acquire underwater mortgages and keep people in their homes.

The unusual idea is being considered by California's San Bernardino County and two of its largest cities, Ontario and Fontana, the Wall Street Journal (sub. req.) reports. A court fight over eminent domain powers is expected if any jurisdiction goes ahead with the plan.

Venture-capital firm Mortgage Resolution Partners is touting the idea. The firm would finance the mortgage seizures with the help of investment banks raising funds from private investors. The underwater loans would be purchased at a low price based on current property values and then refinanced at a slightly higher amount, earning a profit for Mortgage Resolution Partners, its investors and the participating jurisdiction. Borrowers would be eligible to participate in the program if they are current on their mortgage payments.

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