Plan to Seize Underwater Mortgages via Eminent Domain Poorly Received

Posted on Jun 29, 2012

The Board unanimously approved a plan two weeks ago that would use eminent domain to seize underwater mortgages and restructure them for homeowners who cannot to sell or refinance.

The Homeowner Protection Program, in which San Bernardino would partner with the cities of Ontario and Fontana within its borders, is only broadly sketched out at present but it has already provoked a strong reaction from the Securities Industry and Financial Markets Association (SIFMA).

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