Securities industry to try to kill eminent domain plans

04/30/2013 | Forbes

Representatives for the securities industry will be in California and Nevada later this week in an effort to quash plans to use eminent domain authority to seize mortgages. Industry experts are raising several concerns about the plans, which call for taking loans out of private-label securities trusts and reselling them to the Federal Housing Administration or other agencies so they can be refinanced.

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