The Chicago Association of REALTORS® (CAR) put members of a Chicago City Council committee on notice Tuesday that it was against any proposal that would use eminent domain to acquire mortgages on underwater properties.
“We believe use of eminent domain is a poor public policy with serious ramifications for future lending in the city,” Brian A. Bernardoni, senior director of governmental affairs and public policy for CAR (and a government affairs director for the Illinois Association of REALTORS®) wrote in the letter to the committees’ members.
REALTORS® aren’t alone in their opposition. According to the Chicago Tribune, Chicago Mayor Rahm Emanuel said Tuesday he was against the measure. The Federal Housing Finance Agency also raised concerns last week, the Chicago Tribune reported.
- Actor John Cusack addresses foreclosure epidemic at City Hall – Chicago Sun Times
- Emanuel Opposition May Squelch Use Of Eminent Domain On Foreclosures – Progress Illinois
- Burke says city should consider seizing ‘underwater’ homes – Chicago Sun Times
- Chicago considers eminent domain to seize underwater mortgages – Housing Wire