SIFMA warns about Calif. town's eminent domain plan

07/30/2013 | New York Times (tiered subscription model), The

Richmond, Calif., is poised to use eminent domain as a way to purchase mortgages and reduce homeowner debt in an effort to help the city's housing market. SIFMA and other industry groups have expressed serious concerns about using the plan, warning that doing so will harm investors, depress housing prices and potentially drive up borrowing costs for the community. "Eminent domain is used for roads and schools and bridges that benefit an entire community, not something that cherry-picks who the winners are and who the losers are," said Tim Cameron, head of SIFMA's Asset Management Group. Read SIFMA's blog posting on the use of eminent domain. Learn more at SIFMA's Eminent Domain Resource Center.

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