Lawmakers sound alarm over government mortgage seizures

06/14/2013 | Housing Wire

Three California lawmakers wrote a letter to Housing and Urban Development Secretary Shaun Donovan seeking to curb momentum behind recent proposals to use eminent domain to seize underwater mortgages. "We are concerned that the proposed use of eminent domain would slow the return of private capital to the housing finance system, and threaten our fragile housing recovery," wrote California Republican Reps. John Campbell, Gary G. Miller and Ed Royce. The letter comes as several municipalities in California and Nevada have opted to create such eminent domain programs.

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