Eminent Domain reader
Jenn Ablan and I have done a lot reporting on Mortgage Resolution Partners’ plan to get county governments and cities to use eminent domain to seize and restructure underwater mortgages. As we’ve reported, it’s an intriguing solution to the seemingly intractable problem of too much mortgage debt holding back the U.S. economy. But it’s also a controversial one that threatens to rewrite basic contractual rights and the whole notion of how we view mortgages in this country.
And then there’s the issue of just who are are the financiers behind Mortgage Resolution Partners and whether they’ve gone about selling their plan in the right way.
The debate over using eminent domain has sparked a lively debate on editorial pages, on blogs and in other media, and that debate is likely to continue now that Suffolk County, NY says it is looking at eminent domain just like San Bernardino County, Calif. So here’s a bit of sampler of some of the differing views and coverage on this important topic:
Joe Nocera: Housing’s Last Chance?
Robert Shiller: Reviving housing requires collective action
Rep. Brad Miller: No wonder eminent domain mortgage seizures scare Wall Street
San Bernardino Sun: Agency created to fight foreclosures holds first meeting
Alison Frankel: Eminent domain, MBS and the constitution
Robert Hockett: A solution for underwater mortgages
Bloomberg View: Eminent domain is bad ploy for underwater mortgages
Naked Capitalism: The mortgage condemnation plan