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Chicago considers eminent domain to seize underwater mortgages

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Chicago is the latest city to pass a resolution to hold hearings on whether to use eminent domain to seize underwater mortgages from private investors. On Wednesday, Chicago’s City Council adopted a resolution to explore a plan that would "purchase underwater mortgages out of securitized packages of.

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.

The inject once demo doesn’t work properly yet, but it does let you see roughly how the core flow diminishes over time (lost to the.chicago considers eminent domain to seize underwater mortgages City Considers Eminent Domain Power to Seize Chicago Real. – Hot on the heels of a proposed eminent domain plan in san bernardino county california.

And, once again, Chicago has managed to catch our attention with its recent decision to consider a plan to "use the power of eminent domain to purchase underwater mortgages out of securitized.

One example is a July 2012 Special Alert authored by a group of attorneys at Dechert titled California County Considers Using Eminent Domain to Seize Underwater Mortgages. They conclude that the plan fails because (1) it does not provide for just compensation, (2) it does not possess a sufficient public use, and (3) it may violate the Commerce.

Chicago is another city that will be meeting to decide whether or not to use eminent domain to handle underwater mortgages. The economy grew at a slower rate of only 1.5% in the second quarter. In The News: Housing Wire – "Chicago considers eminent domain to seize underwater mortgages" (7-27-12)

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s plan to keep homeowners out of foreclosure by seizing underwater mortgages through eminent domain is unlikely to be. Both San Bernardino County and Chicago, under worse economic conditions, have.

explaining the government’s decision to consider eminent domain, a plan the mortgage industry considers the equivalent of the nuclear option. The hard-hit county’s board of supervisors is expected to.

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