Housing Finance and Securitization

June 28, 2012

SIFMA and Other Associations Submit Comments to the City Council of Fontana California on the Joint Powers Agreement of the Homeownership Protection Plan

SIFMA and 17 other organizations provide comments to the City Council of Fontana California strongly objecting to the Joint Powers Agreement (JPA) that contemplates the implementation of a so-called,  “Homeownership Protection Plan.” Based on publicly available information on the JPA, the groups are very concerned that the good intentions of the City Council will instead result in significant harm to the residents the JPA intends to help.  The JPA proposes the use of eminent domain to seize mortgage loans from private investors through condemnation, in order to force a restructuring of the mortgage. The groups believe that the contemplated use of eminent domain raises very serious legal and constitutional issues. 

The combined groups also sent letters to the San Bernardino County Board of Supervisors and the City Council of Ontario California.



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