Withdraw eminent domain offers to buy underwater mortgages
In Plain English
The city previously made offers to buy underwater mortgages from banks using eminent domain powers through a partnership with Mortgage Resolution Partners (MRP). This action ends that program and withdraws all pending purchase offers. Homeowners with underwater mortgages will no longer have this potential path to loan modifications.
Auto-generated summary. Source: official agenda documents.
Votes
To end debate
4 to 3
To direct city manager to withdraw mortgage purchase offers and permanently end eminent domain option with MRP
2 to 5
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