Experts debate consequences of eminent domain plan

09/7/2012 | Housing Wire

During a Source Media webinar for bond investors, financial industry experts discussed the idea of using eminent domain to seize troubled mortgages. The experts debated the legality of the idea as well as other likely consequences. Tim Cameron, a managing director at SIFMA, said that aside from legal issues, the plan was bad policy. "Nobody can safely quantify the unpredictable and hostile act of taking mortgages through eminent domain," Cameron said. "If you want to kill an economy, start by aggregating contracts and start by introducing eminent domain."

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