NYC officials back eminent domain to help underwater borrowers

07/1/2014 | HousingWire

Four members of the New York City Council have teamed up with housing advocacy groups to push for a controversial plan that would use the city's eminent domain power to help underwater homeowners. A study released by the council members, New York Communities for Change and the Mutual Housing Association of New York points to 60,000 underwater mortgages, which it says represent 12% of all mortgages in the city.

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