Sunday, August 12, 2012

Using eminent domain to fight foreclosures...

Consider this post a follow-up to a previous post regarding a proposal by Ald. Ed Burke with regards to using eminent domain on those foreclosed properties. I would like to refer you to a comment on this from Black Talk Tony who is a frequent commenter. Do you agree or disagree?

Below is a graphic found over at the Chicago's Woodlawn Community FB page. It shows how eminement domain would be used on foreclosures. Apparently this solution is being proposed in the California cities of Sacremento and San Bernardino. Do you think this is what's needed in Chicago? Black Talk Tony has his opinion, but we're also interested in other comments as well.


  1. I can now give a (slightly) better response. Bravo to the Six Ward Blog for providing a visual chart that gives a better explanation.

    On the surface, it sounds like a great idea. Well, it's great for the homeowners and cities but bad for the mortgage industry. They are definitely going to fight this in the courts.

    I would not be surprised if the mortgage industry acts before this program goes into effect by offering some sort of refinance to homeowners who are "underwater". Thus, they would be virtually doing the same thing as this program, except they keep local governments out of the mix. Anything is possible.

    The other issue is that this program works only with homeowners who are current on their payments. What about homes that are underwater and not current? Don't they need help, too?

    A question was asked by a commenter on the Woodlawn Community Facebook page, "I do wonder what the catch is?"

    When dealing with the City Council, there is ALWAYS a catch.

    There is a mention of MRP receiving a fee for each new loan and investors taking a share of the difference between what the city paid and the refinanced amount.

    Now, where do you think our City Council fits into this mix?
    Where's the Aldermen's or Mayor's CUT?
    Ripe for Corruption!

    I suppose if more clean-cut officials (if there are any) had brought it up, there would be less of a concern. However, I still say that Alderman Burke and his ilk have SINISTER intentions. And these intentions are ALWAYS devastating to the Black community. If used in the wrong way, this could lead to the END OF THE BLACK MIDDLE CLASS!

    And don't let your Black Alderman go along with anything that hasn't been thoroughly researched. Unfortunately, it has been consistently shown that they put the wishes of others and themselves over the support of their communities. Sad!

    All I ask is for readers to use their brains and not their emotions on this matter.

    Please comment on my response. This is one of those times where I do not have a clear answer.

  2. Great post! I actually was just reading online about foreclosures and advices that was out there for people like me. That's how I came across your very informative article, thank you for sharing this with us and for helping!

    Chicago Foreclosures


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