2012-09-20bloomberg.com

U.S. regulators and lawmakers are seeking ways to keep local governments from using the power of eminent domain to seize mortgages and cut borrowers' debt, citing concern about the potential cost to taxpayers.

The issue, which will be the subject of a Mortgage Bankers Association symposium today, has gained attention in Washington after the city of Chicago and California's San Bernardino County said they would consider confiscating home loans. No community has taken the step so far.


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