Morning Minute: REALTORS® not alone in opposition of eminent domain

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.

Click here to read more from the Illinois Association of REALTORS®.

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.

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