Volume 2014 - Number 9
March 7, 2014
House Passes Legislation Restricting Use of Eminent Domain to Deal with Foreclosures
The House of Representatives last week passed legislation addressing the use of eminent domain authority to seize and cure underwater mortgage loans as part of a municipality’s efforts to stem high foreclosure rates. By a vote of 353-65, lawmakers passed H.R. 1944, the Private Rights Protection Act, which would bar city and county governments that get federal economic-development funds from using eminent domain to seize mortgage notes from investors and unilaterally restructure the loans before selling to other investors. Included in the legislation is...
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This weekly covers the secondary mortgage market, including mortgage-backed securities and asset-backed securities.
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