Chicago Explores Eminent Domain Mortgage Seizure for Underwater Properties

City of Chicago Ordinances Eminent Domain

On July 25, the City of Chicago City Council heard a resolution calling for a “hearing concerning the implementation of a program under which the City of Chicago would acquire underwater mortgages through eminent domain.”

Eminent Domain
The resolution states “that the Corporation Counsel, the Commissioner of the Department of Housing and Economic Development, the Chief Financial Officer, and representatives from the residential mortgage industry are hereby invited to appear before the Joint Committee of the Committee on Finance and Committee on Housing and Real Estate to testify at a hearing concerning the implementation of a program under which the City of Chicago would, acquire underwater mortgages through eminent domain.”

SOURCE: http://www.safeguardproperties.com

Copy of the City’s Call for hearing(s) on implementation of program for acquisition of underwater mortgages through eminent domain below…

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4closureFraud.org

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City’s Call for hearing(s) on implementation of program for acquisition of underwater mortgages

Comments
6 Responses to “Chicago Explores Eminent Domain Mortgage Seizure for Underwater Properties”
  1. Melanie says:

    To Mortgage Fraud Examiner. I would be very interested in a copy of the Order. I’ve been thinking about going after our mortgage broker as well. Thank you as well

  2. StuckinSoPa says:

    If it somehow actually worked, it would sure screw the banksters. Just seize underwater homes for what they are worth (NEXT TO NOTHING), and put that amount (NEXT TO NOTHING) in an escrow account while the “real” owners fight it out in court to prove that they deserve the money. Goodbye Mark to Myth, goodbye bankster bonuses!

  3. Mortgage Fruad Examiner says:

    This is the City of Chicago at its finest, ripping the citizens of all their money. Hey Ding-Dongs in the City of Chicago; your “Whereas” really makes me sick….ok. You make a motion to purchase the properties out of the Pool of Securitized Trusts. What is wrong with this statement?!

    First, the mortgage loans (Notes) were never endorsed into the pool and which of the six pools that they were purported to be endorsed into are you going to buy them from?

    Citizens of Chicago, get your heads together and rise upon your government and throw them all out and run the City with some sorth of honesty and fairness. You do not owe any money to any of these crooked banks and their partners in crime politicians. Start putting these crooks in Jail, before it is too late.

    And by the way, now that Geithner admits he knew of the LIBOR fraud, how is it that the lender provided you with an honest interest rate that you received on your loan. How about no money owed. I vote to send
    Geithner and Holder to JAIL.

    Received a Judgment against a Arkansas Broker for $250,000.00. Show me someone in the country who is getting any kind of decisions like this in a mortgage case! Send me an email and I will provide you with a copy of the ORDER.

    • Skeetgar says:

      To Mortgage Fraud Examiner. I would be very interested in a copy of the Order. I’ve been thinking about going after our mortgage broker as well. Thanks!

    • Melanie says:

      To Mortgage Fraud Examiner. I would be very interested in a copy of the Order. I’ve been thinking about going after our mortgage broker as well. Thank you, —-my error is posted on top. 🙁

  4. This seems like a very bizarre use of eminent domain to me, but then the concept of a contract, an agreement between two parties, as a commodity has always rubbed me the wrong way.

    But more specifically, who is going to set the fair market value of these loans? The banks? The Council?

    And how is the Council going to determine who the true owner of the note is? Because we’ve seen how well that works in court. I don’t think Chicago has any idea what they’re getting into.

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