Chicago considers eminent domain to seize underwater mortgages

(Crain’s) — mayor rahm emanuel has spoken out against a proposal that would use the government’s power of eminent domain to help mitigate Chicago. underwater, or exceed the value of the homes they.

 · County and city officials in San Bernardino, Calif., are considering a controversial plan: using the power of eminent domain to take over "underwater" mortgages, where the value of the home is worth less than the original loan. Taking on those properties, officials say, would allow the homeowners to refinance those troubled loans.

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Richmond's plan is unusual since eminent domain is usually only invoked to. have also considered using eminent domain to seize underwater mortgages.. The President's Son Was Attacked While With Friends In Chicago.

In conjunction with a San Francisco outfit called Mortgage Resolution Partners, San Bernadino is considering a plan to exercise eminent domain and seize mortgage liens on some of those underwater..

 · In a move that’s pitting grassroots housing activists against Wall Street interests, the City Council of Brockton, Mass., decided this week to commission a study into the feasibility of using eminent domain powers to seize the mortgages of local residents struggling to pay off their loans.

 · The plan was also recently floated by the city council of Baltimore, a city where thousands of mortgages are underwater, according to the Baltimore Sun.

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And, once again, Chicago has managed to catch our attention with its recent decision to consider a plan to "use the power of eminent domain to purchase underwater mortgages out of securitized.

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Chicago considers eminent domain to seize underwater mortgages The Chicago Association of REALTORS® (CAR) put members of a chicago city council committee on notice Tuesday that it was against any proposal that would use eminent domain to acquire mortgages on underwater properties.

Abandons eminent domain mortgage plan" Alejandro Lazo, LA Times, January 24, 2013, Recent other cities reported to be considering the plan are Chicago, Illinois and Brockton, Massachusetts. See "Chicago Considers Eminent Domain to Seize Underwater Mortgages" Jon Prior, Housing Wire, July 7, 2012, Using eminent domain to seize underwater – but performing – mortgages is no longer just a California idea. The Chicago City Council will hold a.