Cities Seize Underwater Mortgages Through Eminent Domain

To Rescue Local Economies, Cities Seize Underwater Mortgages Through Eminent Domain | The Nation: "Faced with this quagmire, a growing number of cities—with the support of community groups and unions—are taking things into their own hands. Thanks to a legal strategy initially formulated by Cornell University law professor Robert Hockett, city officials have discovered that they can use their eminent domain power—which they routinely use to purchase property for sidewalks, infrastructure, school construction and other projects—to buy underwater mortgages at their current market value and resell them to homeowners at reduced price and mortgage payments. . . . . " (read more at link above)

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