Statement of Timothy W. Cameron, Esq., Managing Director of the SIFMA Asset Managers Group, before the Joint Committee on Finance, Housing and Real Estate of the Chicago City Council 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:

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