Wall Street warns against using eminent domain to seize underwater mortgages - The Hill's On The Money
Heavy hitters in the financial industry are lining up against a new
idea brewing among local government officials to help struggling
homeowners by seizing control of their mortgages through eminent domain.
With
many areas of the country still digging out from the housing crisis,
some local governments are considering taking on the underwater
mortgages at a substantially lower price, thus making them more
affordable for the borrower.
With policymakers at the federal,
state and local level struggling to find a way to relieve the burden of
unaffordable home loans, the eminent domain idea is being met with open
ears.
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