HUD raises concerns over city's eminent-domain plan

08/14/2013 | Los Angeles Times (tiered subscription model)

The Department of Housing and Urban Development is raising concerns about a plan by Richmond, Calif., to use eminent domain to seize mortgages. HUD says the homeowners who are supposed to benefit might not be eligible for the federal loans they are supposed to receive through the plan. "Pending legal developments and possible further execution of the plans in question, HUD does not know whether any new mortgage which might be created would qualify for insurance by the Federal Housing Administration," Elliot Mincberg, an assistant secretary at the housing department, wrote in a letter to lawmakers. Learn more at SIFMA's Eminent Domain Resource Center.

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