Condemning Underwater Mortgages? Maybe Not.

An interesting item from the (Los Angeles) Daily News. It comes labeled as “Opinion”  but the content appears to be factual. It’s titled Is the Idea of Using Eminent Domain to Stem Foreclosures Dead, or Just Sleeping?, October 26, 2012 — click here.  Here is the pertinent part:

“The [San Bernardino County] Homeownership Protection Program Joint Powers Authority was scheduled to hold its third meeting this Thursday and expected to issue a request for proposals, allowing Mortgage Resolution Partners and any other entities to offer proposals to fix the foreclosure crisis in the county.

But the meeting was canceled “due to the expected lack of a quorum.” County spokesman David Wert said there were “at least three (board members) whose schedules were shaky enough to where it was smart enough to just cancel the meeting.”

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The next scheduled meeting is not until Jan. 24 — three months from now.”

So it appears that the governing body of a revolutionary, highly controversial program that started this idea, can’t even muster a quorum? Stay tuned.

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