June 11, 2013
For the past two years, representatives from Mortgage Resolution Partners have traveled to cities around the country to pitch local governments on a plan to help underwater homeowners keep their homes. Their proposal would use private dollars to help these homeowners refinance their mortgages and reduce the principal owed, staving off costly foreclosures that can wreak havoc on neighborhoods. But there?s a catch, and it?s a big one. The process requires cities to use their powers of eminent domain.
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