Hire Mortgage Resolution Partners to help reduce foreclosure crisis using eminent domain
In Plain English
The city wants to hire a consulting firm to help address the local foreclosure crisis. The plan involves using eminent domain powers to acquire underwater mortgage loans from banks. If approved, the city could potentially help homeowners avoid foreclosure by restructuring their loans to match current home values.
Auto-generated summary. Source: official agenda documents.
Votes
Approve Advisory Services Agreement with Mortgage Resolution Partners, LLC
6 to 0
Hold the item over for 30 days to gather more information
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