SAN BERNARDINO COUNTY: Eminent domain plan defended, criticized

Release time：2012-10-11
Browse：4070

The company behind a proposal to use eminent domain to seize underwater mortgages and its opponents have both submitted comments to a federal agency reviewing the plan.
Last month, the Federal Housing Finance Agency, which oversees government lending agencies such as Fannie Mae and Freddie Mac and the Federal Home Loan Banks, expressed concerns about the proposal and said it might take action to protect the financial markets. The deadline to submit comments was Friday, Sept. 7.
Mortgage Resolution Partners, a San Francisco investment firm that has been in talks with San Bernardino County, states in its letter that the housing agency should work with state and local agencies that want to explore using eminent domain to help homeowners struggling with underwater mortgages.
Under its plan, the company would partner with local jurisdictions to acquire loans through eminent domain at current, lower market rates and refinance them so that homeowners would see their payments reduced.
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