Financial groups outline opposition to eminent domain for mortgages

The Financial Services Roundtable is among several financial groups that have sent a letter to Congress protesting the use of eminent domain to acquire underwater properties. The groups are also urging municipalities not to work with Mortgage Resolution Partners, the investment fund pushing for the deals. Meanwhile, the city of Richmond, Calif., on Monday moved ahead with its plans, sending letters to 626 mortgage owners and servicers offering to buy underwater loans.

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