Tag Archives: Eminent Domain Proposal Revived

A controversial proposal that would allow local government officials to use the authority of eminent domain to condemn residences with distressed mortgages is reportedly gaining traction in California once again. The proposal is being resurrected after facing sharp criticism a few months ago from Wall Street trade associations, such as the Securities Industry and Financial Markets Association and the Association of Mortgage Investors, as well as investors in mortgage-backed securities. However, Mortgage Resolution Partners (MRP), a San Francisco-based financier group, has signed advisory agreements with five California towns that would […]