Government
Aug. 10, 2013
Plan to seize underwater mortgages not viable
According to Mortgage Resolution Partners, the lender that is owed $300,000 on a performing loan paying 6 percent interest will simply agree to have it acquired for $160,000. To be blunt, this is hallucinatory. By Edward G. Burg
The city of Richmond has decided to enter into an advisory agreement with Mortgage Resolution Partners LLC, a San Francisco-based firm that for some time has been advocating for municipal acquisition of underwater mortgages. MRP describes itself as a "community advisory firm" which will make $4,500 on each mortgage acquired by eminent domain. Qualifying homeowners will have their underwater mortgages acquired and refinanced. And it wi...
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