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 [...]

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 [...]

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