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Servicing / The Ticker

California eminent domain proposal loses steam

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A California county executive who has led his area's exploration of mortgage seizures to help homeowners said he’s against moving forward with the idea.

"I don’t want to consider proposals that would utilize eminent domain over the opposition of stakeholders," San Bernardino County Chief Executive Officer Greg Devereaux said today at a hearing of a so-called joint powers authority created by his county and two California cities last year. "I don’t want to proceed in that manner."

Source: Bloomberg
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