New Chicago Machine Scam In the Works: Eminent Domain Seizure of ‘Underwater’ Mortgages by Steve Bartin 08/14/2012 With property values down 40% since 2006 in Chicago, the Chicago Democrat Machine has a new scam brewing.
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A number of cities in New Jersey, including Irvington and Newark, are considering using the power of eminent domain to aid homeowners whose mortgages are underwater.A mortgage is underwater when its unpaid balance is greater than the property’s market value. The underlying mortgages, however, are not necessarily in default.
Stonegate CEO Jim Cutillo abruptly leaves company Stonegate’s current HQ is in Indianapolis, did $2.62 billion in volume in the 3 rd quarter of 2016, up 12% from the prior quarter, and total origination revenues reaching $51.8 million, up 35% from the prior quarter. It’s been a year and a half since Stonegate’s founder and former CEO jim cutillo abruptly announced he was leaving the company.
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.
16 eerie photos of haunted houses Rash of child killings angers, frustrates St. Louis leaders – LOUIS (AP) – The gunfire that has long haunted. Cannon, 16, was shot in the head. She was pronounced dead at the scene. Latrice Cannon told the St. Louis Post-Dispatch that her daughter, who just.
Chicago is the latest city to pass a resolution to hold hearings on whether to use eminent domain to seize underwater mortgages from private investors.
The main U.S. housing finance regulator Wednesday said it may take action to prevent the proposed use of eminent domain by municipalities to seize and restructure underwater mortgages..
San Francisco startup Mortgage Resolution Partners has created a ruckus with its plan to help cities and counties use eminent domain to seize selected underwater loans out. Hesperia considered.
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.
Did Fannie Mae run afoul of California’s short sale laws? Recent Fannie Mae (FNMA) condominium lending regulations are beginning to live up to the hype as having an onerous impact on condominium sales and project development. The changes, made in Janu a ry 2009, w ere part of an effort by mortgage giants Fannie Mae and Freddie Mac to limit risky lending in a segment of the ho using marke t.
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. The controversial idea of using Eminent Domain first surfaced in San Bernardino County, Calif.
Eminent Domain Could be Used to Seize Underwater Mortgages By Bob Hunt | 10/9/2012 Last Saturday, October 6, directors of the California Association of Realtors (CAR) voted by an overwhelming majority to support "legislation to prohibit the use of eminent domain to seize ‘underwater’ notes."
So far, the California county of San Bernardino has considered eminent domain and killed it. Other areas were it has been at least considered include Brockton, Mass., which has already rejected it;.