City of New Ulm files eminent-domain lawsuits
“The move comes in connection with the flood levee that was built along front street. At issue are properties that are connected to mortgages. “The levee has been constructed already; should it flood this year,…
Brockton becoming battleground for eminent domain fight
“City Councilor Jass Stewart’s working group on a bold initiative to use eminent domain to stem the decline in city housing prices will listen today to a Wall Street trade group opposed to the idea….
North Las Vegas homeowners wary of eminent domain plan
“Those who own a home in North Las Vegas — and owe more than it’s worth — may soon be dealing with a controversial proposal that could have the city seizing the underwater mortgage. Cliff…
Brockton officials cautiously eye eminent domain for underwater mortgages
“The Brockton City Council recently launched a series of hearings and meetings investigating a proposal to seize underwater mortgages – loans with balances that exceed the current value of the homes they’re tied to. CommonWealth’s…
Brockton eminent domain group has packed to-do list
“Using eminent domain to seize mortgage notes, which contractually bind residents to pay back homeowner loans, would be a novel but legal use of government authority, according to group members. “We all think of eminent…
Underwater and Drowning? Some Facts about Mortgages that Could Be Targeted by Eminent Domain
“We use the CoreLogic Loan Performance data set, which contains loan-level information on nearly all privately issued (non-agency) mortgage securitizations. For San Bernardino County, we find about 456,000 first-lien mortgages, comprising roughly 280,000 in the…
Eminent Domain Bid for California Mortgages Rejected
“The local group, whose mission includes addressing the problem of underwater mortgages, rejected on Thursday the use of eminent domain as a way to restructure those loans, a win for banks and securities firms fighting…
San Bernardino County abandons eminent domain mortgage plan
“San Bernardino County and two of its cities abandoned a plan that would use eminent domain to seize troubled mortgages and write down debt for homeowners. The decision strikes a blow to an idea that…
New look at plan to use eminent domain to seize troubled mortgages
“The county and the cities last year formed the Joint Powers Authority to consider the eminent domain idea. On Thursday, members of the authority will consider seeking proposals from outside contractors to manage a homeowner-rescue…
Banksters’ Useful Idiots: Brockton Considers Dubious Eminent Domain Strategy, Tainting More Legitimate
“Regular readers may recall about a dozen municipalities, with San Bernardino getting the most press by being one of the earliest to consider it, were looking into using municipal powers of eminent domain to deal…