Abstract

http://ssrn.com/abstract=2326748
 


 



A Federalist Blessing in Disguise: From National Inaction to Local Action on Underwater Mortgages


Robert C. Hockett


Cornell University - Law School

John Vlahoplus


Mortgage Resolution Partners

September 16, 2013

Harvard Law & Policy Review, Vol. 7, p. 253, 2013

Abstract:     
While it is widely recognized that the mortgage debt overhang left by the housing price bubble and bust continues to operate as the principal drag upon U.S. macroeconomic recovery, few seem to appreciate just how locally concentrated the problem is. This paper takes the measure of the national mortgage debt overhang problem as a cluster of local problems warranting local action. It then elaborates on one form of such action that the localized nature of the ongoing mortgage crisis justifies - use of municipal eminent domain authority to purchase underwater loans, then modify them in a manner that benefits debtors, creditors, and their communities alike.

Number of Pages in PDF File: 24

Keywords: Condemnation, Debt, Deflation, Debt-Deflation, Eminent Domain, Foreclosure, Mortgage-Backed Securities, Mortgages, Mortgage Crisis, Private Label Securitization, Real Estate, Real Estate Crisis, Securitization, Securitized Lending

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Date posted: September 18, 2013  

Suggested Citation

Hockett, Robert C. and Vlahoplus, John, A Federalist Blessing in Disguise: From National Inaction to Local Action on Underwater Mortgages (September 16, 2013). Harvard Law & Policy Review, Vol. 7, p. 253, 2013. Available at SSRN: http://ssrn.com/abstract=2326748

Contact Information

Robert C. Hockett (Contact Author)
Cornell University - Law School ( email )
524 College Ave
Myron Taylor Hall
Ithaca, NY 14853
United States
John Vlahoplus
Mortgage Resolution Partners
1750 Montgomery Street, Suite 127
San Francisco, CA 94111
United States
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