Chicago considers eminent domain to seize underwater mortgages

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.

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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.

Mayor Rahm Emanuel is opposed to a plan that would use the city’s power of eminent domain to rescue homeowners with underwater mortgages. Reports chicago real estate daily. Using its condemnation.

So far, the California county of San Bernardino has considered eminent domain and killed it. Other areas were it has been at least considered include Brockton, Mass., which has already rejected it;.

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Lawmakers move to expand mortgage protection for military Sen. John Rockefeller (D-W.Va.) and Rep. Elijah Cummings (D-Md.) convened a forum with the Consumer Financial Protection Bureau Tuesday to examine how many improper foreclosures were carried out.

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.

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.

Mortgage applications surge on low interest rates  · The rate for a jumbo 30-year fixed-rate mortgage increased from 4.94% to 4.97%. The average interest rate for a 15-year fixed-rate mortgage remained unchanged at 4.55%.

But the costs of this coercion would easily outweigh the benefits. San Bernardino county is working on a new program that would use eminent domain laws to seize underwater mortgages. An investor group.

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

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