Eminent-Domain | Cities Consider Seizing Mortgages

Cities Consider Seizing Mortgages

A handful of local officials in California who say the housing bust is a public blight on their cities may invoke their eminent-domain powers to restructure mortgages as a way to help some borrowers who owe more than their homes are worth.

Investors holding the current mortgages predict the move will backfire by driving up borrowing costs and further depress property values. “I don’t see how you could find it anything other than appalling,” said Scott Simon, a managing director at Pacific Investment Management Co., or Pimco, a unit of Allianz SE.

Eminent domain allows a government to forcibly acquire property that is then reused in a way considered good for the public—new housing, roads, shopping centers and the like. Owners of the properties are entitled to compensation, which is usually determined by a court.

But instead of tearing down property, California’s San Bernardino County and two of its largest cities, Ontario and Fontana, want to put eminent domain to a highly unorthodox use to keep people in their homes.

More from the WSJ here…

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Comments
2 Responses to “Eminent-Domain | Cities Consider Seizing Mortgages”
  1. 1ofthemany says:

    Yes Mark what you say seems to be true BUT

    Here is a site you may want to get a look at and it will tell you the TRUTH from what I and others see . Going on 15 years now on this site.
    http://www.pacalliance.us/splash/
    loads of info and most importantly EDUCATION in the interest of the people of the “STATE” that you live in, unless you want to continue to be chattel I would not go here..
    hope the neurons start twirling for all in a most positive way!!

    To freedom for all. Good Luck and blessings!!
    The world will not be destroyed by those who do evil, but by those who watch them without doing anything.”
    Albert Einstein
    TY!!! 4closure U are a beacon and you actually led me and many in many directions to question ALL!!!

  2. Mark says:

    In Point of FACT.All property is held with LEGAL TITLE by the GOVT in what I belive is the 14th amendment public trust. WE OWN NOTHING UNLESS ALLODIAL TITLE PERFECTED!!!.The sheeple have only EQITABLE or Equity title as a tenant..The Courts real function is to determine the creditor and debtor. Really nothing more if you do the research as they are mostly just corp administrative in nature and not of LAW…RESEARCH ROD CLASS!! He is in N C….Now,,since the Banks are not able to prove ownership in most case due to their shenanigans, THAT ACTUALLY CA– USED THIS MESS..,it may come down to who trumps who..In the end ,,,,I belive we will be left as previouly foretold by one of our founders as penniless in the land our ancestors conquered..

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