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A plan to seize and restructure troubled mortgages using eminent domain in San Bernardino County is under assault by investor groups, which call it unconstitutional and potentially costly to homeowners.
The cities of Ontario and Fontana, in partnership with the county, are exploring using private funds to acquire mortgages that are “underwater,” where the homes wouldn’t sell for enough money to pay off the loans. Under the Homeownership Protection Program, the loans acquired by government authority would be restructured, lowering the amount owed, with the intent of helping the owner keep the home.
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