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 »
The city’s “duty disability” program, which compensates workers
injured on the job, has made the news lately as being potentially rife with
abuse. City of Chicago Inspector General Joseph Ferguson has tried to
investigate the program, but said in a statement this morning
that the Chicago City Council Finance Committee, chaired by Ald. Ed Burke (14th), is blocking his probe.