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New York City becomes the latest, and largest, municipality to consider using its eminent domain powers to seize the mortgage loans of belly-up homes from banks. The city would refinance the loans to reflect the current market values, and resell them after extracting commissions for the city and the private firm coordinating the seizures.
A 67-year-old Atlantic City, NJ homeowner is fighting proposed seizure of his three-story walkup home by the New Jersey Casino Reinvestment Development Authority (CRDA).
In an effort to gain control of land for use in the development of a new sports arena for the Sacramento Kings, the Sacramento City Council voted Tuesday (Jan. 7) to file an eminent domain lawsuit against the group which owns the former Macy’s men’s clothing and furniture store at Downtown Plaza.
Long Beach Township, NJ becomes the latest oceanfront community to sidestep homeowners refusing to cede their oceanfront property to construction of barrier dunes along 127 miles of the state’s shorelines. Officials of the largest community on Long Beach Island consider an ordinance proposal that would clear the way to apply eminent domain to seize 50 properties needed for the project.
Richmond, CA’s plan to take the lead in seizing troubled mortgages through eminent domain ignites a political firestorm and triggers legal roadblocks that could put the concept on hold. A major obstacle is a position articulated by Alfred Pollard, the head lawyer of the Federal Housing Finance Agency,
A new report from Moody's, which covers capital markets, says the plan is credit negative for U.S. residential mortgage-backed securities.
Richmond, CA is set to become the first city in the nation to use eminent domain as a tool to deal with foreclosed properties.
Rep. John Campbell (R-CA) unveils legislation to prevent city and county governments from using their eminent domain powers to seize private home loans from borrowers who have negative equity.
The measure would provide added protections for homeowners whose properties may be condemned, while also providing a more straightforward development process for cities trying to develop areas.
In an effort to limit government use of eminent domain, the North Carolina House of Representatives approved House Bill 8, which would prevent local governments from using eminent domain for the purpose seizing property for economic development by a private developer.
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