North Las Vegas moves ahead with controversial rescue of underwater homes
“h Las Vegas is moving forward with a controversial plan to partner with a private company and use the city’s power of eminent domain to help underwater homeowners refinance their mortgages.
The city council voted 4-1 Wednesday night to enter into an advisory services agreement with Mortgage Resolution Partners, the company pitching the plan.
The agreement gives the company permission to begin surveying the North Las Vegas housing market for mortgages that would be eligible for refinancing under its program. The company will have 60 days to develop a program to help these homeowners before it must report back to the city council.
Another affirmative vote would be required by the council before any homes were acquired using eminent domain.
The agreement signed Wednesday is terminable at any time by the city and also requires MRP to provide a detailed explanation of the potential costs and risks to the city if it chooses to implement the program.”
Shine, Conor. Las Vegas Sun 19 June 2013.