Brockton considers plan to seize bad mortgages | Boston.com – Brockton considers plan to seize bad mortgages. using eminent domain powers to seize bad mortgage loans that have devastated many residents and, with a private financial partner, sell them back.
Local governments could use their power of eminent domain to seize (albeit, to pay fair market value for) underwater mortgages in communities that have been hard hit and are still suffering the effects of the real estate crash.
Richmond, Calif.’s controversial plan to use eminent domain to seize underwater mortgages in an effort to help homeowners avoid foreclosure took a giant leap forward on Wednesday when the city council voted 4-3 in favor of moving forward with the proposal.
SAN FRANCISCO, Sept 30 (Reuters) – As Richmond, California, moves forward with a plan to help struggling homeowners by using its power of eminent domain to seize underwater mortgages. The SEIU.
California Laws Could Make Eminent Domain DOA. In a recent article, American Banker discusses possible legal challenges to utilizing eminent domain to seize underwater mortgages as a result of state law prohibiting local governments from taking property and conveying it to a private company.
Brockton, MA Considers Eminent Domain – Safeguard Properties – Brockton considers plan to seize bad mortgages Brockton is exploring using eminent domain powers to seize bad mortgage loans that have devastated many residents and, with a private financial partner, sell them back at lower interest rates to help people keep their homes.
The housing agency’s response comes on the heels of local counties and municipalities proposing the use of eminent domain to seize underwater mortgages from investors for the purpose of.
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Local governments from New York to California are increasingly considering plans to seize mortgages. discuss using eminent domain, whose advocates include Yale University’s Robert Shiller and actor.
on Wednesday reportedly became the first city to move forward with a controversial plan that would see it seize underwater mortgages using its eminent domain powers. Other municipalities that have.
For Consumers, Time to Shop (Until the Mortgage Drops) Small mortgages get harder to come by – Some low- and middle-income home buyers are having a hard time getting mortgages. estate data firm. The drop-off at the bottom end of the market has been far swifter than at the top. Origination.Monday Morning Cup of Coffee: Subprime lending is back BofA completes more short sales than REO for last 18 months short-sale addendum aims at Fraud, BofA Says Posted in Breaking News, [immediately and legitimately] sell the property for more [than what we approve in the short-sale agreement] is if we didn’t necessarily get the most accurate value when we made that determination or if the next buyer.
California County Considers Using Eminent Domain to Seize Underwater Mortgages. by Dechert LLP + Follow Contact. LinkedIn Facebook.
The agency, which oversees Fannie Mae and Freddie Mac, said it has “significant concerns” about the use of eminent domain. of mortgage investors are boycotting the plan, which is also being.