Municipalities Continue to Advance Plans to Use Eminent Domain to Seize Underwater Residential Mortgages

June 04, 2013

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.

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