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,...

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