Plan to Use Eminent Domain for Underwater Homes Abandoned

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Posted To: MND NewsWire

Eminent Domain is no longer under consideration as a mortgage modification tool in San Bernardino County California . The County and two of its cities, Ontario and Fontana have announced they are abandoning a proposed plan to use that power to assist local homeowners with underwater mortgages. Under the proposal the local governments would use their eminent domain authority to purchase loans from investor pools at less than face value. They would then restructure them to reflect the actual value of the underlying collateral, repackage the new loans, and sell them to other investors. San Bernardino County, located in southeast California's Inland Empire had a population explosion during the housing boom and then was hard hit especially hard by foreclosures and price declines. The City of San...(read more)

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Source: http://www.mortgagenewsdaily.com/01252013_eminent_domain_loan_mods.asp

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