Justice
Can Eminent Domain Solve Our Mortgage Woes?
Officials in California and Chicago are throwing their weight behind a proposal that would let homeowners refinance certain loans.
What if there was a way to make eminent domain work for the little guy?
That's the idea being floated by Mortgage Resolution Partners, a California-based community advisory firm. The plan, currently under consideration in San Bernadino County and Chicago, is sort of deceptively simple. Right now, there are 14 million homeowners who are making payments on mortgages that are worth more than their home. In general, these loans are not controlled by individual banks, but rather by trusts.