Chicago considers eminent domain to seize underwater mortgages

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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In March of 2012, nearly 667,000 Chicago area homes were underwater, and 13% of those homeowners were also delinquent on their mortgage payments for three months or more. Add to these troubling.

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Localities from across the country have considered using the power of eminent domain — the right of government to take property and pay the owner "just compensation" — to seize such underwater mortgages and rewrite them to align with home values.

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

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.

In conjunction with a San Francisco outfit called Mortgage Resolution Partners, San Bernadino is considering a plan to exercise eminent domain and seize mortgage liens on some of those underwater..

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.

Earlier this summer, San Bernadino County, an area east of los angeles hit hard by the mortgage crisis, considered a plan that. have the county purchase so-called underwater loans at market value.

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It was first considered roughly a year ago by another California municipality, San Bernardino, and has subsequently been looked at across the country from Chicago to Brockton. the use of eminent.