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County governments want eminent domain to refinance mortgages

Governments in Chicago, San Bernardino, CA, and Suffolk County, NY plan to use eminent domain powers to provide mortgage relief. Created by Mortgage Resolution Partners, the plan being considered would allow local government to seize mortgages on homes of underwater borrowers using eminent domain laws. The bank holding the mortgage would then receive current fair market value on the mortgage, as opposed to the amount owed by the homeowner. Gregory Devereaux, administrator for San Bernardino County is considering the program, saying, "Federal programs have not been very successful at all and private programs have been of limited help." The local ...