Chicago considers eminent domain to seize underwater mortgages

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Chicago considers eminent domain to seize 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.

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Now Chicago's Considering Eminent Domain to Seize Mortgages. – Chicago is the latest municipality to adopt a resolution to hold hearings on whether to use eminent domain to take over underwater mortgages from private investors.

Eminent Domain to Seize Mortgages? – – Chicago is the latest city to join a growing list of cities and counties across the country that are considering using Eminent Domain in order to seize underwater mortgages. The controversial idea of using Eminent Domain first surfaced in San Bernardino County, Calif.

Richmond refuses to kill proposal to seize underwater mortgages – A joint-powers authority set up by San Bernardino County, Ontario and Fontana considered a similar plan to seize underwater. mortgage bonds, saying the loans are under water and is offering their.

The Onset of Depression During the Great Recession: Foreclosure. – Assuming that the mortgage holders are unable to repay the lender, the property is then.. We observed a dramatic uptick over the interval for Chicago, New York, and Los.. At the neighborhood level, communities may want to consider how best to.. economies, cities seize underwater mortgages through eminent domain.

Amherst’s Goodman: One in five distressed homeowners at risk of losing home Recent research suggests that foreclosures have negative effects on homeowners and neighborhoods. We examine the association between concentrated foreclosure activity and the risk of a property with a foreclosure filing being scheduled for foreclosure auction in New York City. Controlling for individual property and sociodemographic characteristics of the neighborhood, being located in a tract.

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