Wednesday, August 1, 2012

City Considers Eminent Domain Power to Seize Chicago Real Estate

Hot on the heels of a proposed eminent domain plan in San Bernardino County California, the city of Chicago is considering a similar plan for underwater mortgages in Cook County.
Eminent domain is a little-mentioned government power that allows it to seize property with fair compensation to the owners, as long as it benefits the public good. Though normally used for land and housing, the current housing market’s mortgage ills have motivated some analysts ? such as heavy-hitter Robert J. Shiller ? to advocate for the policy.
According to city council documents, ...

Source: http://feedproxy.google.com/~r/chicagoagentmagazine/news/~3/800Eq1ZB7qg/

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