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Plan to save underwater borrowers draws court action from lending giants

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Mortgage Professional America | 08 Aug 2013, 04:26 AM Agree 0
An eminent domain play to save underwater borrowers isn't sitting well with a some of the nation's large investors and lenders
  • Jim in CT | | 08 Aug 2013, 10:49 AM Agree 0
    Having seen in person how Deutsche Bank (among others) manages REO (in a word, 'neglect') it's not hard to see how city takeover of underwater mortgages could be construed as in the public interest and thus eligible for an eminent domain action. 2 late for Detroit, but it's a creative approach. The chickens are starting to come home to roost on all the atrocious loss mitigation practices.
  • Bayview Mortgage Inc. | | 09 Aug 2013, 12:32 AM Agree 0
    Fixing a realestate deal is illegal. When a bank or its investor bids on its property at a foreclosure sale to bid the price up. This action is price fixing. thus is illegal. The banks should work with the states before the courts deem all past foreclosure sales to be null and void due to price fixing by the banks and big investors.
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