Chicago considers eminent domain to seize underwater mortgages

WASHINGTON – The regulator for mortgage. use of eminent domain to restructure home loans. San Bernardino County has proposed using such powers to seize distressed mortgages at a discount and then.

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A plan to use eminent domain to seize. consider the proposal. Chicago city leaders held a hearing on it this week. Mortgage Resolution Partners is proposing that local governments seize the.

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SAN FRANCISCO, Sept 30 (Reuters) – As Richmond, California, moves forward with a plan to help struggling homeowners by using its power of eminent domain to seize underwater mortgages. The SEIU.

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The company behind a proposal to use eminent domain to seize underwater mortgages and its opponents have both submitted. any attempts by Fannie Mae or Freddie Mac to retaliate would be considered.

explaining the government’s decision to consider eminent domain, a plan the mortgage industry considers the equivalent of the nuclear option. The hard-hit county’s board of supervisors is expected to.

Chicago joins a trend of jurisdictions considering the use of eminent domain in order to take "underwater" properties and refinance them in order to prevent foreclosures. Two Chicago city aldermen offer a resolution calling for a hearing to discuss implementation of a program similar to that already under consideration by three California.

Chicago also has considered such a use of eminent domain. The legal justifications offered for these proposals do not include any particularly special application of eminent domain. Professor Hockett’s article provides an overview of eminent domain and its application to government seizures of properties other than land, with some authority.

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City Considers Using Eminent Domain Power to Seize Underwater Mortgages. Naperville: 630-778-3818 Oak Brook: 630-288-2555. Weekend and Evening hours by Appointment | Naperville: 630-778-3818 Oak Brook: 630-288-2555.

As was reported in MND, in June the county’s Board of Supervisors outlined and approved a plan to use its eminent domain authority to seize and restructure underwater mortgages. Since that action.

Chicago considers eminent domain to seize underwater mortgages | HousingWire . WHAT THE WHAT??? Anyone else think this would end up doing more harm than good? 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.