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| David H. Stevens |
Washington, D.C. – David H. Stevens, President and
CEO of the Mortgage Bankers Association (MBA), today issued the following
statement on a proposed program in Richmond, California that would allow local
officials to use eminent domain powers to seize mortgages and force financial
losses on millions of Americans:
“The program is a short-term solution for a few underwater
borrowers that will have severe negative long-term costs for every homeowner in
the city.
“Mortgages in Richmond will become more expensive, making
neighboring cities more desirable for prospective home buyers, which will hold
down home values for everyone in Richmond.
“In short, the program is ill-advised and likely
unconstitutional and will add to Richmond’s problems rather than solve them.”
For more information on this issue, please visit MBA's
Eminent Domain Resource Center.
For a complete copy of he company’s news release, please
contact:
John Mechem
(202) 557-2924
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