Eminent Domain for Refinance Home Mortgage Plans?Article Posted by Expert Author: Tony Caro on 04/08/2013
A tremendous amount of controversy has arisen regarding the potential use of eminent domain for the purpose of home mortgage refinancing. Per the Los Angeles Times, regulators at Fannie Mae and Freddie Mac have gone on the record saying the use of eminent domain in this manner would be a bad idea. The controversy of seizing homes late on their mortgage payments for the purpose of restructuring loan agreements first reared its head in the financially troubled California city of San Bernardino. The concerns of regulators is seizing homes in this manner could lead to the devastation of the credit of homeowners and contribute to the further worsening of a very depressed housing market. It would seem that the economically challenged city of San Bernardino is attempting a total desperation tactic to address its fiscal woes. Pressure seems to be being placed on the city to dissuade it from taking such excessive actions.
Our economy really is dependent on all areas to seek stability and growth. That's where a refinance home mortgage program may benefit an area that may be struggling, as long as the program seeks to stabilize family units and preserve credit to the best of their ability.
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