Real Estate Investors Should Monitor Use of Eminent Domain by Local Governments

Distressed investors holding residential real estate or securities backed by mortgage loans likely will want to be aware of the latest efforts by local governments to stimulate local economies. Local authorities from San Bernardino County in California and two of its cities have recently joined to create a Joint Powers Authority (JPA) which will seize and restructure certain mortgages to help underwater homeowners in an effort to stimulate the local economy.

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