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.