At a meeting with the San Bernardino County Joint Powers Authority set up to identify ways to solve the negative equity crisis in the county, residents and industry experts fought back against the government’s plan to share its power of eminent domain with private companies expected to profit from the refinanced loan. Housingwire, citing CoreLogic data, claims the JPA’s data is unreliable, and that 43% -- not 60% -- of borrowers owe more on their mortgage than their home is worth. CoreLogic data also indicates that the amount of severely problematic loans dropped 28% from one year ago in San Bernardino County. SIFMA released a statement citing its strong views that the JPA’s actions may raise serious legal and constitutional issues and that it undermines the concept of secured lending. SIFMA released a statement regarding a similar proposal made by the City of Chicago.
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A woman successfully fought a government’s taking of her property by arguing that under the Equal Protection Clause of the U.S. Constitution, the government was treating her differently when compared to other citizens in the area, reported Housing Wire. Read more…