About half of the mortgages in San Bernardino County are underwater. In fact, San Bernardino has had the third highest number of foreclosures of any metro area in the past year — and that’s competing with metro areas with much larger populations.
The county is looking for some way to help its residents. A venture capital firm called Mortgage Resolution Partners stepped forward with a controversial possible solution.
In short: San Bernardino County would seize these underwater mortgages using eminent domain. They would then resell the mortgages at rates reflective of what the property is now actually worth. The homeowners would stay in their homes throughout this process.
David Wert is a spokesperson for San Bernardino County.
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Comments [1]
Expanding the parameters of eminent domain any further is a slippery slope I would prefer was not explored. Perhaps the economic calamity of the last 5 years has made me cynical, but this looks like another case of the rich using the government to get richer.
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