REAL ESTATE: Industry event explores eminent domain

Release time：2012-10-11
Browse：4104

The California Association of Realtors, as part of its 2012 EXPO at Anaheim Convention Center, held a public policy forum on proposed use by government to use eminent domain to seize underwater home mortgages.
San Bernardino County has created a joint powers authority to explore a proposal to hire a private venture to wrest privately-held mortgages out of investment pools, so homeowners who owe more on their property than it’s worth can refinance or modify their loans.
The closed-door forum, held Wednesday, Oct. 3, included Steven Gluckstern, chief executive of Mortgage Resolution Partners, which has proposed the concept, and Richard Dorfman, managing director of the Securities Industry and Financial Markets Association.
The private discussion, attended by more than 400 real estate professionals, lasted more than one hour.
Paul Herrera, government affairs director with the Inland Valleys Association of Realtors, said it’s possible the board of directors will vote to adopt an association position on eminent domain at the conclusion of the conference, Friday, Oct. 5, or Saturday.
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