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Chicago considers eminent domain to seize underwater mortgages

Hot on the heels of a proposed eminent domain plan in San Bernardino County California, the city of Chicago is considering a similar plan for underwater mortgages in Cook County.. Eminent domain is a little-mentioned government power that allows it to seize property with fair compensation to the owners, as long as it benefits the public good.

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Eminent Domain Could be Used to Seize Underwater Mortgages – 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.

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California lieutenant governor gavin Newsom on Friday warned influential investor group Securities Industry and Financial Markets Association to “cease making threats to the local officials of San.

Chicago is the latest city to pass a resolution to hold hearings on whether to use eminent domain to seize underwater mortgages from private investors. On Wednesday, Chicago’s City Council adopted a resolution to explore a plan that would "purchase underwater mortgages out of securitized packages of.

The main U.S. housing finance regulator Wednesday said it may take action to prevent the proposed use of eminent domain by municipalities to seize and restructure underwater mortgages..

Irvington is the second municipality in the country to declare its intent to use eminent domain to purchase homes in foreclosure, behind Richmond, Calif. IRVINGTON – Using eminent domain to bail out.

Securities Industry and Financial Markets Association, is crying foul at calls for the use of eminent domain laws to seize and restructure underwater mortgages.

Eminent Domain Takes Root in Areas with High Unemployment, Poverty – To address widespread negative equity in their local communities, at least 15 cities and counties are considering using eminent domain to seize underwater homes from lenders and investors and lower.

Flood insurance pits homeowners against taxpayers Just 3 percent of all North Carolina residential properties and 9 percent of South Carolina properties were insured against floods. covered by traditional homeowners or renters insurance. But even.

In addition to direct losses to investors in RMBS and chaos for FHFA, Fannie, Freddie and title companies, widespread use of eminent domain to seize residential mortgages could cause significant disruption in the credit markets, including increased costs and/or loss of credit to home purchasers in cities exercising eminent domain to seize.

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Eminent domain. which was considered and then abandoned by communities including San Bernardino County, California, and Chicago. Richmond, a city of 106,500 on the eastern shore of the San.