Hot on the heels of a proposed eminent domain plan in san bernardino county California, the city of Chicago is considering a similar plan for underwater mortgages in Cook County.. Eminent domain is a little-mentioned government power that allows it to seize property with fair compensation to the owners, as long as it benefits the public good.
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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.
A plan to use eminent domain to seize. consider the proposal. chicago city leaders held a hearing on it this week. Mortgage Resolution Partners is proposing that local governments seize the.
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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.
City Considers Using Eminent Domain Power to Seize Underwater Mortgages. Naperville: 630-778-3818 Oak Brook: 630-288-2555. Weekend and Evening hours by Appointment | Naperville: 630-778-3818 Oak Brook: 630-288-2555.
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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,
Eminent domain refers to the process by which the government may seize private property with proper compensation, but without the owner’s consent. The Fifth Amendment to the Constitution stipulates: that the property must be claimed for “a public use;” and, that "just compensation" must be.
Progressive philanthropist Steven Gluckstern’s proposal to have municipalities seize and restructure mortgages. But if using eminent domain as a way to address crisis in underwater mortgages is a.