Senators want HUD to prevent FHA from insuring mortgages on any properties affected by an eminent domain proposal

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Senators want HUD to prevent FHA from insuring mortgages on any properties affected by an eminent domain proposal

Senators want HUD to prevent FHA from insuring mortgages on any properties affected by an eminent domain proposal

BUT it’s ok to continue to insure loans originated by the cartels over at wall street? Eh?

It was only a matter of time when the banksta cheerleaders would jump on this.


HW-

The eminent domain controversy in Richmond, Calif., continues with several U.S. senators publicly asking housing regulators to push back at any proposal that would allow municipalities to offer principal write-downs to underwater borrowers by acquiring their mortgages through eminent domain.

So what prompted the strongly worded letter four Senators mailed to Department of Housing and Urban Development Secretary Shaun Donovan and Treasury Secretary Jack Lew?

The answer apparently is an eminent domain rescue plan that made it a little too far for the Senators’ liking.

[HOUSING WIRE]

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One Response to “Senators want HUD to prevent FHA from insuring mortgages on any properties affected by an eminent domain proposal”

  1. project_wolverine says:

    Our Senators will block this but they won’t come up with a better idea and this is why the homeowners will never get a break. We should use our own money 1% of our take home pay! I have 200,000 working adult in my county if we hire a comptroller to handle the money deposit it into a public bank not TBTF with 1% x 200,000 working adults we could pay off alot of homes even if we only asked for $1.00 dollar a week that’s one home at 200,000 dollars a week not in foreclosure. After that we start working on underwater homes refi them to today fair market value and that would create a new market at fair market value. Small towns would start coming back to life.

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