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Chicago considers eminent domain to seize underwater mortgages

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El Monte is considering a novel and controversial plan to take over underwater mortgages using its eminent domain power — an idea highly unpopular among representatives of the financial industry.

Fannie Mae sees 2012 home sales up 3.5% to 4.74 million The Responsible Homeowner Refinancing Act of 2012, proposed by Senate Democrats Robert Menendez of New Jersey and Barbara Boxer of California would benefit homeowners whose mortgages are owned by the.

Gavin Newsom, has told an investor group to "back off" and allow San Bernardino County to explore a controversial plan that would employ its eminent domain powers to seize and restructure. funds to.

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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..

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.

 · Calif. County Considers Eminent Domain To Help Underwater. Use the power of eminent domain to acquire mortgages from current lenders. investors say it’s a legitimate use of eminent domain.

 · County Considers Eminent Domain As Foreclosure Fix California’s San Bernardino County says seizing troubled properties would allow those homeowners to.

 · County Considers Eminent Domain As Foreclosure Fix News & Features Yuki Noguchi · NPR · Jul 13, 2012 Half of San Bernardino County’s 300,000 mortgages are underwater.

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It would allow local governments to use their power of eminent domain to seize mortgages, permitting private investors to purchase the mortgages at a discount, write them down to fair market value, and then create modified payments for borrowers based on the reduced principal balance due.

American Securitization Forum (ASF) Executive director tom deutsch today testified before Chicago’s joint committee on finance and housing and real estate about a proposal before the committee to use eminent domain to acquire mortgage loans. (ASF) Executive Director Tom Deutsch today testified before

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Eminent Domain Could be Used to Seize Underwater Mortgages By Bob Hunt | 10/9/2012 Last Saturday, October 6, directors of the California Association of Realtors (CAR) voted by an overwhelming majority to support "legislation to prohibit the use of eminent domain to seize ‘underwater’ notes."

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.

Mortgage applications rise 11.7% Total mortgage application volume increased 2.7% compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Volume was 8% higher compared with the same week one year ago. Purchase applications drove the gains, rising 4% for.

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