SAN BERNARDINO COUNTY: Eminent domain loan idea gains support

Even as it comes under fire from the financial industry, a proposal to use condemnation proceedings to seize underwater mortgages in San Bernardino County is being looked at by other communities.
And it gained support from a top state official on Friday, July 27.
According to Mortgage Resolution Partners, the San Francisco-based group behind the idea, the cities of Berkeley and Chicago are among the communities considering the same tactic to help homeowners.
San Bernardino County is furthest along in considering the idea and could be the first in the nation to carry out the novel approach. The company would partner with local officials to acquire mortgages through eminent domain.
The mortgage owners would be paid at current, lower market rates, and homeowners would see their payments reduced, according to county and company officials.
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