IVAR Opposes Local Government Plan to Seize Mortgages
A coalition ranging from home building to the mortgage and banking industry to REALTORS and property rights organizations is standing together to oppose the use of eminent domain to condemn private mortgages. This idea not only threatens the property rights and market function of the individuals and companies that will be directly involved - it further threatens the viability of normal lending in communities that choose to participate.
Please see the IVAR Board Resolution on this issue.
The County of San Bernardino has formed a Joint Powers Authority with the cities of Ontario and Fontana designed to use eminent domain to seize underwater, performing residential mortgages. This program expands government authority in an unprecedented way, threatening mortgage lending and the health of the housing market in our region.
IVAR is part of a national, industry coalition expressing significant concerns about the use of eminent domain to condemn private mortgages and the unintended consequences that could broadly affect businesses, homeowners and homebuyers.
For a complete discussion of the facts surrounding this topic, please see our advocacy.ivaor.com