Skip to main content

Eminent Domain Proposals Shot Down in California

NationalMortgageProfessional.com
Jan 25, 2013

The Homeownership Protection Program Joint Powers Authority board has voted unanimously to issue a Request for Qualifications seeking plans to address the mortgage crisis in San Bernardino County, Calif. But the board decided against considering proposals that would include the use of eminent domain. Board Chairman Greg Devereaux pointed out many experts have warned the use of eminent domain would destabilize an already weak local housing market and even worsen the mortgage crisis. At the same time, very few local homeowners and other stakeholders expressed support for the use of eminent domain. Many, in fact, opposed such a strategy. “It’s wrong to impose that risk on the community without support from the community, and that level of support has not materialized,” said board Chairman Greg Devereaux. “We don’t want to do more harm than good in what we choose to do." Devereaux also said continuing to consider the possibility of eminent domain would interfere with efforts to work with the banking, mortgage, real estate and investment communities in making various forms of assistance available to local homeowners. In that vein, the JPA recently approved an agreement with those stakeholders to support the County of San Bernardino’s ongoing efforts to link homeowners with assistance programs.  Several months ago, the county launched www.saveyourhomesbcounty.org as part an effort to make San Bernardino County homeowners aware of programs and local events aimed at  addressing foreclosures and negative equity. The RFQ will be released and those with proposals will be invited to submit them as soon as the modifications approved today by the JPA board are incorporated into the document. Besides not considering proposals that rely on the use of eminent domain, respondents will be asked to include a risk assessment in their proposals.
Published
Jan 25, 2013
'A Long Road To Normal'

Nominated again to lead The Fed, Powell tells Senate committee to expect three rate hikes, but 'if we have to raise interest rates more over time, we will.'

Regulation and Compliance
Jan 11, 2022
CFPB: Complaint Response Worsens At Big 3 Credit Bureaus

Report claims Equifax, Experian, and TransUnion routinely failed to fully respond to consumers with errors.

Regulation and Compliance
Jan 10, 2022
The Fed Names Chairs, Deputy Chairs For 12 Reserve Banks

In recent years, the Federal Reserve System has worked to increase the overall diversity of the Reserve Bank and branch boards of directors and continues to build on those efforts.

Regulation and Compliance
Jan 06, 2022
The Fed: Rate Hike Likely Coming in June

Federal Open Market Committee's December minutes reveal discussion of first hike in federal funds rate in 2Q of 2022, as well as of ending asset purchases by March.

Regulation and Compliance
Jan 05, 2022
AARMR No Protection For Savanah Scares

Conference provides opportunity for regulators to interact, discuss common topics

Regulation and Compliance
Jan 04, 2022
McCargo Sworn In As Ginnie Mae President

Former HUD official becomes the first female to lead the Government National Mortgage Association.

Regulation and Compliance
Jan 04, 2022