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Friday, June 14, 2013

It blows my mind that local governments would even consider eminent domain for this purpose.

A number of industry groups1 (the “Industry Groups”) raised concerns recently when Mortgage Resolution Partners (“MRP”) entered into contracts with two additional municipalities to formalize the use of eminent domain programs to seize or restructure underwater residential mortgages, which are often part of securitization trusts. In response to these actions, the Industry Groups sent joint letters to these municipalities outlining their concerns.

http://sites.edechert.com/10/1388/june-2013/municipalities-continue-to-advance-plans-to-use-eminent-domain-to-seize-underwater-residential-mortgages(1).asp?intEmailHistoryId=2781640&intEmailListId=6&intEmailId=226362&intExternalSystemId=1#page=1