FHFA Threatens Localities on Eminent Domain Solution for Foreclosures

By: Wednesday August 8, 2012 9:35 am

Ed DeMarco is really feeling his oats, no doubt thanks to projections of profits at Fannie and Freddie paradoxically spurred by a housing shortage. (Those profits are at least partially derived from Fannie and Freddie evading local government transfer taxes, by the way, not DeMarco’s “responsible stewardship.”) He rejected principal reductions as a means to [...]

Financial Services Industry Threatens Retaliation at Municipalities Who Use Eminent Domain to Fix the Housing Crisis

By: Friday July 20, 2012 8:55 am

The financial industry is taking another run at a plan to help homeowners, this time the proposed program in San Bernardino County that would use eminent domain laws to acquire underwater mortgages and then refinance them for borrowers at market rates. The financial services lobbying group SIFMA said they would exclude mortgages in San Bernardino [...]

White House Has Concerns With Eminent Domain Proposal

By: Thursday July 19, 2012 6:21 am

The bid by the private company Mortgage Resolution Partners to team with municipalities and use eminent domain laws to purchase underwater mortgages and then refinance them at a discount to the borrower has generated lots of attention at the wonk level. Now the White House has weighed in, and expressed skepticism: The Obama administration has [...]

While Eminent Domain Proposal Discussed, LA Tries to Make Foreclosure Cost-Prohibitive

By: Wednesday July 18, 2012 7:35 am

Dean Baker has a generally positive story out about the proposal in San Bernardino County, California to use eminent domain to condemn, write down and return to the owner a lower-cost mortgage that is no longer underwater. I have discussed with Rep. Brad Miller the concept of an eminent domain-based mortgage debt relief plan and [...]

Rep. Brad Miller on Using Eminent Domain to Reset the Housing Market

By: Friday July 13, 2012 12:45 pm

The reason I initially contacted Rep. Brad Miller today was to discuss an issue that has come into vogue this week as a potential solution to the housing crisis. San Bernardino County is considering a partnership with Mortgage Resolution Partners on a scheme that would condemn underwater mortgages through the process of eminent domain, and [...]

Bid to Use Eminent Domain for Mortgage Purchase Raises Questions

By: Wednesday July 11, 2012 11:49 am

As additional solutions are cooked up to deal with the historic foreclosure crisis, one possibility hit on by many observers is the idea of having municipalities use eminent domain laws to take over mortgages and then refinance them for borrowers at market value. This would save hundreds of thousands of dollars for borrowers and reduce [...]

Dimon: To Fix Housing, Everyone Should Get in a Room and Decide to Do My Bidding

By: Monday January 16, 2012 6:55 am

Jamie Dimon has a big plan to fix the housing market. It mirrors John McCain’s big plan to fix Iraq: get people in a room and yell “Stop the bullshit!” “I would convene all the people involved in the business, I would close the door, I’d stay there until we resolved a bunch of these [...]

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