Chicago considers eminent domain to seize underwater mortgages

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Chicago considers eminent domain to seize underwater mortgages

Chicago considers eminent domain to seize underwater mortgages

This will catch on like a wildfire!

HW-

Chicago Alderman Edward Burke, chairman of the city finance committee, scheduled the hearing this week. According to a city council document, Burke sees a chance the idea could clear legal hurdles.

“Legal experts have opined that government entities may use eminent domain to acquire mortgages so long as certain legal standards are met,” according to the document.

More than 44% of the homes in surrounding Cook County back are worth less than the mortgage. According to the city, local homeowners lost more than $37 billion in equity since the housing market crashed.

The San Bernardino proposal would affect less than 1.5% of private-label security loans in the area as the mortgages are bought out of pools. Investors are concerned, the idea would spread, with some arguing that the iniative may acutally do more harm than good.

[HOUSING WIRE]

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