Government
Aug. 13, 2013
Fool's gold: mining for modifications by eminent domain
A pan full of gold in the form of immediate principal write downs and refinancings could prove to be elusive as long as legal challenges to the city's use of eminent domain remain. By Laurence E. Platt
Ever since the financial crisis first emerged in 2007, local, state and federal governments have sought to help distressed borrowers avoid home foreclosure. It generally did not matter whether up-front origination issues or subsequent changes in a borrower's circumstances caused a loan default. In either case, influencing loan holders and servicers to offer loan modifications and other loss mitigation options to eligible borrowers has bee...
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