Chicago considers eminent domain to seize underwater mortgages

As was reported in MND, in June the county’s Board of Supervisors outlined and approved a plan to use its eminent domain authority to seize and restructure underwater mortgages. Since that action.

 · The most concerning is the option of using eminent domain. The city would seize the mortgage from the bank and allow the homeowner to pay the city back at a reduced rate.

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 · Richmond will move forward with its plans to seize underwater mortgages using eminent domain, raising the stakes in a test case of whether a city can take on Wall Street and rescue troubled homeowners on its own.

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A venture capital firm, Mortgage Resolution Partners, is gaining a lot of attention with its controversial plan to use eminent domain to seize – and reduce – homeowners. eminent domain to buy.

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Localities from across the country have considered using the power of eminent domain — the right of government to take property and pay the owner "just compensation" — to seize such underwater mortgages and rewrite them to align with home values.

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.

Moreover, the Board did not consider acquisition interest expenses in Goldstein's first.. Is seizing and rendering valueless legal prescription drugs a taking?. We're in Chicago this week participating in the ABA Annual Meeting. New Article: "Eminent Domain for Underwater Mortgages: Already on the Way to the.

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Richmond Mayor Gayle McLaughlin is championing a program that would empower cities to use eminent domain power to seize underwater mortgages, which have a higher balance than the value of the home,

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