San Bernardino Eminent Domain Fight Closely Watched By Other Struggling Communities

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San Bernardino Eminent Domain Fight Closely Watched By Other Struggling Communities

San Bernardino Eminent Domain Fight Closely Watched By Other Struggling Communities

Ben Hallman-

This old railroad town in the heart of the Southern California foreclosure belt doesn’t attract many visitors these days, especially not in the blazing summer heat. Yet on a recent Thursday morning, a handful of well-heeled business travelers from the East Coast hurried along a sidewalk to address a government official they have come to know well.

Gregory Devereaux is the chief executive of San Bernardino County and its 2 million residents. At his urging, local authorities are considering a proposal that would allow local governments to exercise their power to seize private property without landowners’ consent in a dramatic — some say radical — new way.

Governments usually use this power, known as eminent domain, to acquire private land for public purposes, such as roads or utility lines. But this plan, proposed by a San Francisco-based venture fund Mortgage Resolution Partners, calls for government authorities to seize the mortgages of underwater borrowers, paying the investors that own them a fraction of what they are owed, using money borrowed from the fund. Homeowners could then refinance with a federal loan at a much lower rate, based on what their home is actually worth instead of what they owe.

[HUFFINGTON POST]

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6 Responses to “San Bernardino Eminent Domain Fight Closely Watched By Other Struggling Communities”

  1. Sarah says:

    Is Jones Day et al, big finance, watching even closer? They’ll start to scream “Constitution!” when it comes up against their profit.
    We’ll scream “human rights!”, and then they’ll try to pull something else.

  2. Charles Reed says:

    What has happen is that the banks and Wall Street created this mess and are not by themselves or with settlements by the Federal Government fixing the situation that is killing these cities.

    MERS has rigged the titling system where these bank cannot prove they own a single property, so Contract Law states that there is a debt due, however it you don’t own the debt there is not one due. State City can demand that these loan are modified to stop further decrease properties values of seize the properties or give to who is rightfully in title the properties. We know for a fact the homeowners are in title with the warranty deeds first!

  3. Lynne kushnir says:

    Have you checked to make sure the numbers on the Title accompanying the Lis Pendens and Complaint match certificate of Location to the property?
    What if the Federal Government, by eminent domain of course, is actually getting legal tender to bonds, stock certificates or Cusips? Check those numbers carefully, seek and you shall find. When was the last time venture capitalism went together with benevolent or remortgage at a cheaper rate?
    The answer you seek may be more simple than you think
    Hint: eg, sbl. 4911131
    Has nothing to do with the certificate of location it is attached to but to the Cusips on its master servicer list.

  4. dinsfla says:

    This is only a thought. But this could also be used to clean house (title). Extinguish all liens and fraud docs using this method?

  5. Lynne kushnir says:

    Exactly.

  6. Lynne kushnir says:

    Unfortunately the attorneys intelligent enough to realize, “SBL 4911131″ involves real property located at 44 winding ridge road, White Plains, NY , and not the Rockland property inhabited by the homeowner served by the Mill’s Complaint, are few and far between.
    That’s why I say again, until more funds from the Settlement are allocated to proper defense, there will be no justice.
    No one is following the money except the Banks, Government, and the REITS, Where every mortgage backed security is landing thanks to Fannie.
    Where are the servicing records from Wells Fargo? They may attest to the fact these robo Trusts are all bogus. Follow the money, without servicing records, we can’t.
    ” SBL” is an accounting term which was used by Bear .
    “There’s gold in them Titles”. Seek and you shall find.

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