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Lonnie Hicks

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Can Eminent Domain Laws Help Homeowners Who Are Underwater-New Idea-9/12/13
By Lonnie Hicks
Posted: Monday, August 20, 2012
Last edited: Saturday, February 21, 2015
This short story is rated "G" by the Author.
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This is a debate about this going on now-what are the pros and cons?


Updated: 2/21/15 New Precedent Might Help Homeowners keep their homes.
Updated: 2/8/15 Self Defense tactics in Foreclosures
Updated: 11/16/13 New Jersey City looking at eminent domain.
Updated: 9/12/13 Judge says premature to rule on Eminent Domain
Updated: 9/11/13 Richmond CA to use Eminent Domain? Yep.
Updated: 8/18/13 Wall Street Fights Back Against Eminent Domain-Sues in Court.
Updated: 9/25/12 The battle over eminent domain heats up-experts give it a chance to succeed.
Updated: 8/28/12 Who is blocking mortgage reductions for underwater homeowners and why?
Updated: 8/27/12 What are the pros and cons of walking away from a mortgage?
Updated: 8/23/12 City of San Bernadino discusses the idea-video

Millions of homeowners, through no fault of their own have seen their home values plummet 40% in three years. They want to know what can be done about this sorry state of affairs and why isn't somebody in Wall Street in jail.

An idea has popped up. What are the pros and cons of using the power of eminent domain  to seize property from wall street, stop the foreclosures and and sell the homes back to their owners at market price.

The cites and states get the tax base reestablished, neighborhood blight in the form of foreclosured properties which the banks don't bother to maintain could be stopped.

What do you think.

First here is some background. Then we discuss tomorow.



First the postive people who like the idea


http://news.blogs.wlu.edu/2012/08/16/eminent-domain-and-the-housing-crisis/
http://www.wbez.org/blogs/bez/2012-08/chicago-considers-eminent-domain-curb-foreclosures-101805

Then the one's who don't like the idea.

http://www.sfgate.com/opinion/editorials/article/Eminent-domain-risky-for-mortgage-relief-3764468.php

http://online.wsj.com/article/BT-CO-20120808-713739.html

http://thehill.com/blogs/on-the-money/1091-housing/244289-wall-street-warns-against-using-eminent-domain-to-seize-underwater-mortgages

Is there a legal question?

http://www.kansascity.com/2012/08/17/3766967/questions-of-legality-dog-plans.html
 

Who is behind this idea?
http://www.loansafe.org/mortgage-resolution-partners-executive-defends-eminent-domain-proposal

What do the counties and cities say about this?


 http://sanbernardino.granicus.com/MediaPlayer.php?view_id=19&clip_id=2472

 http://www.jdsupra.com/legalnews/mortgage-banking-update-august-23-201-34998/

 http://raven.urljet.com/~rotwnews/2012/08/19/use-of-eminent-domain-on-underwater-mortgages-debated/

 What happens if you walk away from the mortgage?

http://www.candofinance.com/mortgages/what-happens-if-you-walk-away-from-your-mortgage/

8/28/12

What about underwater homeowners and who is blocking progress toward helping them and why?

 http://thehill.com/blogs/congress-blog/presidential-campaign/246035-could-underwater-homeowners-swing-this-election

 http://thehill.com/blogs/congress-blog/economy-a-budget/245701-principal-reduction-a-lifeline-for-underwater-homeowners

 8/31/12
What is happening with foreclosures this last quarter?

http://www.zacks.com/pr/82073/the-zacks-analyst-blog-highlights-jpmorgan-chase-bank-of-america-citigroup-wells-fargo-and-eli-lilly

 http://oag.ca.gov/news/press-releases/attorney-general-kamala-d-harris-announces-final-components-california-homeowner

 9/25/12

Eminent domain--a weapon against wall street. Does it have a chance legally?

"Gideon Kanner, a prominent authority on eminent domain law and professor of law emeritus at the Loyola Law School in Los Angeles, said that while he thinks MRP’s proposal is terrible public policy with unpredictable legal consequences, there’s a good chance the courts will rule in favor of the eminent domain argument."

http://en.ria.ru/business/20120925/176203114.html

 "Some 22 percent of all residential properties with a mortgage—totaling 10.8 million homes—in the U.S. are underwater, according to data released this month by the business analytics company CoreLogic. Not all of these would be eligible for MRP’s plan, which would only target so-called “private label” mortgages—loans that are not backed up by the federal government—and would require the homeowner’s consent before moving forward, Gluckstern said."

 8/17/13

Wall Street Sues Eminent Domain Proponents. The most important suit of all for homeowners?

Wall street took our homes and now doesn't want to give them back. What can be done?

http://rt.com/usa/california-city-eminent-domain-mortgages-507/

 9/9/13

Details of eminent domain transactions

 http://www.abajournal.com/news/article/controversial_eminent_domain_approach_to_underwater_mortgages_gathers_some_/

 9/11/13
Richmond Ca votes to use eminent domain.

http://www.sfgate.com/bayarea/article/Richmond-to-pursue-eminent-domain-on-mortgages-4807122.php

 http://www.washingtonpost.com/blogs/wonkblog/wp/2013/09/10/wall-street-has-so-far-crushed-a-drastic-foreclosure-fix-one-california-town-could-change-that/


http://www.reuters.com/article/2013/09/12/us-usa-mortgages-richmond-idUSBRE98B14T20130912

 http://www.democracynow.org/2013/9/12/headlines/richmond_ca_approves_body_to_oversee_purchases_of_underwater_mortgages

 11/16/13

http://www.kansascity.com/2013/11/16/4626472/nj-city-eyes-eminent-domain-to.html

2/8/15

Self defense tactics in foreclosures

http://hofj.org/default.asp.pg-ForeclosureDefense

 In the final months of 2013, the rate of homeownership dipped to an 18-year low of 65.2 percent, down from a 69.4 percent peak prior to the 2007 financial crisis, according to U.S. Census data.  From:

http://www.alternet.org/hard-times-usa/game-homes-coming-nightmare-wall-street-controlled-rental-markets?akid=11705.21630.jPAc-d&rd=1&src=newsletter980429&t=6

"The Tiny House Movement"

 https://www.youtube.com/watch?feature=player_detailpage&v=tTTwzwKLZak

https://www.youtube.com/watch?feature=player_detailpage&v=lDcVrVA4bSQ

2/21/15
New precedent might help homeowners keep their homes

http://homelessokc.newsvine.com/_news/2009/02/25/2475871-mortgage-foreclosure-precedence-set-in-1969-case-of-the-first-national-bank-of-montgomery-v-jerome-daly-by-instrument-of-consideration-and-upon-this-revelation-the-court-rejected-the-banks-claim-for-foreclosure-and-daly-kept-his-home


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