Fannie Opens Mortgage Help Center in Ontario, Calif.

Consumer banking

Eminent Domain Mortgage Seizures Would Hurt Fannie, Freddie

A proposal by San Bernardino County to use eminent domain to take control of underwater mortgages would hurt government-sponsored entities Fannie Mae, Freddie Mac and the Federal Home Loan Banks. It would also hurt plans to reduce the government's role in housing.

By Kate Berry

July 19

Fannie Mae on Wednesday opened a mortgage help center in Ontario, Calif., and now operates a dozen centers nationwide that provide free education and counseling servicers to struggling homeowners.

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Ontario along with Fontana, Calif. and San Bernardino County are considering using eminent domain to seize mortgages and restructure them to help distressed borrowers stay in their homes.

California is on the forefront of foreclosure actions. Though Nevada posted the nation's highest foreclosure rate in the first half of 2012, California boasted the largest increase in new foreclosure actions, with an 18% jump in foreclosure starts in June, according to RealtyTrac.

Kate Berry

Reporter

Kate Berry has covered the Consumer Financial Protection Bureau for American Banker since 2016. She joined the publication in 2006 covering mortgage... Read full bio

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