EMINENT DOMAIN: TRUTH-JUSTICE FRAUD

Photographer: Andrew Harrer/Bloomberg

  Eminent Domain Plan Decried by DoubleLine Sees New Life By Jody Shenn - Jul 17, 2013 11:05 AM PT

 

Steven Gluckstern, who’s spent more than a year pushing local governments to seize mortgages from bond trusts to cut balances and help homeowners, is renewing attempts with backing from cities in California and Nevada.

Gluckstern’s Mortgage Resolution Partners LLC recently sent letters to securities trustees and loan servicers asking them to verify their roles in specific deals and provide information about individual mortgages that could be purchased, he said. The firm must try to negotiate to buy the loans before municipalities can use powers known as eminent domain to force the sales, he said. They would then lower the principal owed.

U.S. Representative Jeb Hensarling, a Republican from Texas, on July 11 proposed legislation in the House that would bar Fannie Mae, Freddie Mac and the Federal Housing Administration from backing mortgages in localities that use eminent domain to seize mortgages.

July 12 (Bloomberg) -- Timothy Sloan, chief financial officer of Wells Fargo & Co., talks about the company's second-quarter profit and outlook for the bank's mortgage business. Sloan talks with Trish Regan, Adam Johnson and Sanford C. Bernstein analyst Brad Hintz on Bloomberg Television's "Street Smart."  >>http://www.bloomberg.com/news/2013-07-17/eminent-domain-plan-decried-by-doubleline-sees-new-life.html