Brockton, Mass., Right In Rejecting Eminent Domain Scheme
Law360, New York (August 26, 2013, 1:23 PM EDT) -- In July 2013, the national Mortgage Bankers Association and approximately 20 state associations asked Congress to bar the Federal Housing Administration, Fannie Mae and Freddie Mac from becoming part of an emerging trend whereby municipalities use eminent domain to seize troubled mortgages.
Cities and towns with the financial backing of a private investment fund propose the use of eminent domain to seize current but underwater mortgages held in mortgage-backed securities, refinance the loans through the FHA and sell them back to the homeowners.
Six California cities that include Richmond, El Monte and Pomona, and the Nevada town of North Las Vegas,...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!