Posted by HisHughness on 7/30/13 5:49am
Msg #478469

Innovative approach to underwater mortgages

http://www.nytimes.com/2013/07/30/business/in-a-shift-eminent-domain-saves-homes.html?pagewanted=1&nl=todaysheadlines&emc=edit_th_20130730

Reply by Bear900/CA on 7/30/13 11:12am
Msg #478512

Highly political - Posting more information under J.P. forum n/m

Reply by HisHughness on 7/30/13 12:17pm
Msg #478540

Re: Highly political - Posting more information under J.P. forum

This is a business story, not a political one, reporting on a new approach to the biggest problem affecting our industry. It is not commentary, and takes a quite even-handed approach in presenting the differing views of a new way to handle underwater mortgages. It belongs here, where it can inform, rather than in JP, where posting tend instead to inflame.

Reply by Bear900/CA on 7/30/13 1:36pm
Msg #478558

Didn't want to get blasted Hugh

for responding to an issue that has become over the last year and a half highly volatile in an arena devoted to notary work.

My response is informational and I hope it came across as that and not politically motivated. I feel it raises dozens of questions that by extension raises dozens more. I was on an interview panel with Mortgage Professional magazine and this topic was brought up and discussed as a matter of major concern so I have to go by that experience. I had questions then as I do now about the pros and cons so remain neutral. I would be surprised if that can happen here but would welcome even-handed comments if possible.

Ben

Reply by Bear900/CA on 7/31/13 1:04pm
Msg #478741

More information on MRP & the eminent domain fray

http://www.mpamag.com/mortgage/mortgage-industry-outraged-over-eminent-domain-play-15557.aspx

Counterpoint from the Association of Mortgage Investors (AMI):

"Mortgage Resolution Partners is not Robin Hood. MRP is a for-profit business that runs an investment fund. However, this fund does not make investments in the free market. Its business model depends on persuading local governments to use the blunt instrument of eminent domain to take money away from the investments of seniors, unions, and others in the mortgage market, give that money to MRP, and, as a result, lower property values across communities as rates on new mortgages go up," AMI said.

"The Mayor of Richmond claims she is fighting Wall Street, but she is really harming the public pensions of teachers, firemen, and first-responders – as well as raising uncertainty as to the true cost of future mortgage lending."

Reply by Stephanie Santiago on 8/2/13 5:03pm
Msg #479109

Re: More information on MRP & the eminent domain fray

I like looking at both sides.
Thank you Hugh and Ben.

Stephanie