A San Francisco-based firm spent the morning trying to sell the Chicago
City Council on the idea that they can use eminent domain to seize
properties in danger of falling into foreclosure. The firm argued that the use of eminent domain, which occurs when government acquires private property in the name of the greater good, could lead to the public benefit of fewer foreclosures. Representatives from Mortgage Resolution Partners LLC had the ear of Ald. Ed Burke (14th), chairman of the City Council Finance Committee, and the backing of Ald. Ray Suarez (31st), head of the Housing and Real Estate Committee.
But the effort was perhaps futile as Chicago Mayor Rahm Emanuel indicated at a press conference today that he opposes the plan.
According to the Chicago Tribune, Emanuel said that he did not think eminent domain was the “right instrument” to combat foreclosures. Read more »
Foreclosure filings increased by exactly one percent in the city of
Chicago between the first six months of 2011 and first half of 2012,
according to 
Homeowners and tenants frustrated by the impending threat of
foreclosure called on county leaders to put in place a one
year-stay on evictions.
Housing advocates in Chicago and across the country have begun to
channel their frustration with the sprawling foreclosure crisis toward
one man: Ed DeMarco (pictured), acting director of the Federal Housing Finance
Agency (FHFA).