*Testimony

Timothy W. Cameron, Esq. on Eminent Domain Proposal, San Bernardino, CA

Published on:
August 16, 2012
Committees:

Statement of Timothy W. Cameron, Esq., Managing Director of the SIFMA Asset Managers Group, before the Joint Powers Authority (JPA) of San Bernardino, CA on a hearing regarding implementation of a program for acquisition of underwater mortgages through eminent domain.

SIFMA strongly objects to the proposed use of eminent domain to take mortgage loans, and outlines three key concerns:

  • The use of eminent domain will do more harm than good.
  • The use of eminent domain generally, and the plan put forth by Mortgage Resolution Partners (MRP) specifically, raise significant legal and Constitutional concerns.
  • We believe it is critical that the City Council understand the full scope of issues with this proposal.

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