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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.
Sidetracked by balky Richmond, CA City Council members who object to using the city’s eminent domain authority to stem home foreclosures, a majority of the six-member body finds a way to sidestep the opposition by uniting with another city.
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
Mortgage-bond investors lack standing at this time to block Richmond, CA from seizing underwater mortgages for principal modifications, giving the city a green light to advance the new concept. U.S. District Judge Charles Breyer says the request for an injunction is premature because the city is not far enough along in its mortgage seizure effort
An uproar among mortgage lenders, investors and lawmakers over plans to use local powers of eminent domain to seize troubled mortgages for refinancing isn’t having much effect on HUD’s stance on the issue. HUD officials are taking a wait-and-see approach before deciding if the Federal Housing Administration would back the refinanced
Richmond, CA becomes the first U.S. community to use its property-taking authority as leverage forcing lenders to surrender troubled mortgages or see those properties seized through eminent domain. The concept, developed by San Francisco-based Mortgage Resolution Partners (MRP), has been bandied about for two years, but communities
North Las Vegas, NV officials approve a plan to use eminent domain to help underwater homeowners. The concept developed by Mortgage Resolution Partners finds its first official home after nearly two years of shopping the plan to several cities. San Bernardino, CA County and two of its communities earlier had rejected the proposal but other cities
Three House lawmakers petition HUD Secretary Shaun Donovan to reaffirm the department’s policy of refusing to allow the Federal Housing Administration to insure mortgage loans refinanced using eminent domain to seize the troubled mortgages.
Pomona, CA could become the first community to test a new concept of using eminent domain power to prevent foreclosures. The idea bounced around from coast to coast for more than a year before finding a taker. San Bernardino County, CA officials mulled the offer from Mortgage Resolution Partners for several months before passing
After months of rejections and pressure on local governments from the banking and mortgage industries to ignore overtures, the concept of using the power of eminent domain to rescue troubled home mortgages is back on track. San Francisco-based Mortgage Resolution Partners has signed agreements with five California towns to begin negotiating
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