Chicago considers eminent domain to seize underwater mortgages

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American Securitization Forum (asf) executive director tom Deutsch today testified before Chicago’s joint committee on finance and housing and real estate about a proposal before the committee to use eminent domain to acquire mortgage loans. (asf) executive director tom Deutsch today testified before

 · Area considers eminent domain to fix mortgage problem On behalf of Avallone Law Associates posted in Eminent Domain on Tuesday, July 17, 2012. The idea hasn’t caught on in Philadelphia yet, but officials in one county in a western state think they have a solution for the country’s continuing mortgage problems: a form of eminent domain .

Chicago is the latest city to pass a resolution to hold hearings on whether to use eminent domain to seize underwater mortgages from private investors.

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The City of Chicago will hold a hearing over using eminent domain to seize underwater mortgages. The idea first came under consideration in San Bernardino County, Calif. Venture capital firm Mortgage Resolution Partners is pitching the idea to several cities across the country. Using investor dollars, local governments would seize performing mortgages in negative equity, reduce the principal for the borrower and refinance it into a government-backed loan.

Several other municipalities, notably Chicago, have considered using eminent domain to seize underwater mortgages but have stopped short of putting the plan in motion.

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California County Considers Using Eminent Domain to Seize Underwater Mortgages.. Litigation California County Considers Using Eminent Domain to Seize Underwater Mortgages Local authorities from.

The City of Chicago will hold a hearing over using eminent domain to seize underwater mortgages. The idea first came under consideration in San Bernardino County, Calif. Venture capital firm Mortgage Resolution Partners is pitching the idea to several cities across the country. Using investor dollars, local governments would seize performing mortgages in negative equity, reduce the principal for the borrower and refinance it into a government-backed loan.

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Abandons Eminent Domain Mortgage Plan" Alejandro Lazo, LA Times, January 24, 2013, www.latimes.com. Recent other cities reported to be considering the plan are Chicago, Illinois and Brockton, Massachusetts. See "Chicago Considers Eminent Domain to Seize Underwater Mortgages" Jon Prior, Housing Wire, July 7, 2012,

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