The Joint Powers Agreement of the Homeownership Protection Plan in Ontario, CA

SIFMA and 17 other organization provide comments to the City Council of Ontario, 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 groups also sent similar letters to the City Council of Fontana California and the San Bernardino County California Board of Supervisors.