Using Eminent Domain to Address Underwater Mortgage Debt


    NEW YORK, NY – June 11, 2013 – (RealEstateRama) — With more than 11 million homes still “underwater,” the mortgage debt overhang caused by the housing bubble remains an impediment to economic growth and a burden on communities across the country. One possible solution to this problem is for state and municipal governments to use their eminent domain authority to purchase and restructure underwater mortgages. This novel solution is proposed in a new report from the Federal Reserve Bank of New York

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