announced the adoption of a controversial plan to keep homeowners out of foreclosure by seizing underwater mortgages via eminent domain. This move is. Calif., and Chicago initially considered the.

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A venture capital firm, Mortgage Resolution Partners, is gaining a lot of attention with its controversial plan to use eminent domain to seize – and reduce – homeowners. eminent domain to buy.

The City of Chicago will hold a hearing over using eminent domain to seize underwater mortgages. The idea first came under consideration in san bernardino county, Calif. Venture capital firm Mortgage Resolution Partners is pitching the idea to several cities across the country. Using investor dollars, local governments would seize performing mortgages in negative equity, reduce the principal for the borrower and refinance it into a government-backed loan.

Use of Eminent Domain to Seize Mortgages: Not Likely a Panacea (or is it?) By Krystyna Blakeslee on August 2, 2012 Posted in Residential Mortgage Finance As is the case in too many cities in the United States, even after more than 4 years since the beginning of the foreclosure crisis, Chicago’s homeowners have been hard hit.

Abandons Eminent Domain Mortgage Plan" Alejandro Lazo, LA Times, January 24, 2013, www.latimes.com. Recent other cities reported to be considering the plan are Chicago, Illinois and Brockton, Massachusetts. See "Chicago Considers Eminent Domain to Seize Underwater Mortgages" Jon Prior, Housing Wire, July 7, 2012,

Mayor Rahm Emanuel said Tuesday that he does not support using eminent domain to seize underwater homes to refinance those mortgages at more affordable terms. He made the statement as Chicago aldermen.

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Thomas J. Miceli University of Connecticut. "Chicago Considers Eminent Domain to Seize Underwater Mortgages" Jon Prior, , July 7, 2012, We conclude the article with our thoughts about the viability of using eminent domain to take underwater mortgages.

Chicago is the latest municipality to adopt a resolution to hold hearings on whether to use eminent domain to take over underwater mortgages from private investors. chicago is the latest city to join a growing list of cities and counties across the country that are considering using Eminent Domain in order to seize underwater mortgages.

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