Chicago considers eminent domain to seize underwater mortgages

Now a group of investors is proposing that North Las Vegas use its power of eminent domain to buy up underwater mortgages at market prices in order refinance them at the real value of the house.

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.

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.

announced the adoption of a controversial plan to keep homeowners out of foreclosure by seizing underwater mortgages via eminent domain. This move is. Calif., and Chicago initially considered the.

ADP optimistically predicts flat job growth 3. Does the ADP national employment report strive each month to predict the BLS job number that is published two days later? No. Ultimately, the ADP National Employment Report is designed to align with the final revised BLS numbers, and not those that are first reported. We believe that our number is a better predictor of the

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.

According to HousingWire, Chicago is considering using eminent domain to seize underwater mortgages. The city is going to hold a hearing As a result of the loss of equity in the housing crisis, many mortgage holders in the residential and commercial markets have fallen into unfavorable positions on their mortgages.

Houses across the country are underwater, and San Bernardino County is trying something new: eminent domain. The county would use its power to seize mortgages and restructure them. What are the.

Clayton Holdings hires new senior managing director of lending services At least nine major investment banks, including Barclays, have reviewed their lending. of senior bankers,” said Jack Grone, a spokesman for the bank. “Earlier this year the bank reviewed the.OpenClose names Ken Ellis director of business development WFG National Title Insurance Company names new head of Dallas-Fort Worth division Mortgage applications surge on refinancing boom Survey Finds Short Sales Outnumber REO in January Purchases Month: October 2014. More Survey Finds Consumer Spending Tight Despite Financial Security.. Leave a comment Frequently asked questions about buying a short sale – freddieMac Zombie Foreclosures Result in Millions of Delinquent tax revenue 8 states for mortgage fraud (Also, see Top 5 Alternatives to. or to adequately punish reverse mortgage scammers. As a result, some have been able to go from state to state or even stay within the same city while committing.The surge has been most evident in refinancings, which were nearly as common among those responding to the survey as were newly originated mortgages to buy homes. During the last refinancing boom..OpenClose, a provider of end-to-end loan origination systems, announced the hiring of Ken Ellis as the company’s new director of business development. In this role, Ellis will be responsible for.

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. Chicago is the latest city to join a growing list of cities and counties across the country that are considering using Eminent Domain in order to seize underwater mortgages.

An article in Bloomberg today highlighted a plan where municipalities would use their eminent domain powers to condemn all the mortgages in their county that are underwater, pay a reduced wholesale price to the mortgage holders (i.e. the Federal government, taxpayers, and other investors), and then refinance the homeowners into new mortgages.

The top 10 safest and most dangerous cities Yeah it isn’t the safest place to be in but it’s less dangerous than a lot of other dangerous cities and ares in other countries, It isn’t even the most dangerous city in America, St. Louis Missouri is worse.