California examines plan to seize mortgages

Foreclosure-battled inland California cities are contemplating condemning pension-fund owned mortgages to save them; investors are outraged.

By Amy Taxin and Christina Rexrode | Updated on July 16, 2012

FONTANA, Calif. (AP) — In the foreclosure-battered inland stretches of California, local government officials desperate for change are weighing a controversial but inventive way to fix troubled mortgages: Condemn them.

Officials from San Bernardino County and two of its cities have formed a local agency to consider the plan. But investors who stand to lose money on their mortgage investments have been quick to register their displeasure.

Complete your profile to continue reading and get FREE access to BenefitsPRO.com, part of your ALM digital membership.

Your access to unlimited BenefitsPRO.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

Critical BenefitsPRO.com information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events.
Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com

Already have an account? Sign In Now

NOT FOR REPRINT

Dig Deeper

Recommended Stories

IRS issues guidance for employers that adopt key SECURE 2.0 provisions

Lynn Cavanaugh | September 04, 2024

The IRS's new fact sheet includes guidance for provisions on de minimis financial incentives, Roth SIMPLE and SEP IRAs and designated Roth matching contributions – and how these provisions impact how certain amounts are reported on their W-2s.

Tomorrow is 401(k) Day! PSCA releases ready-to-go campaign for employers, plan sponsors

Lynn Cavanaugh | September 05, 2024

The Plan Sponsor Council of America has launched a handy and customizable “Building Your Financial Future” educational campaign to help employers and plan sponsors recognize 401(k) Day tomorrow, September 6.

Best health insurance brands in 2024

Lily Peterson | September 06, 2024

Six health insurance carriers are included in Newsweek's "America's Best of the Best 2024".

Resource Center

Guide

BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join BenefitsPRO.com now!

Unlimited access to BenefitsPRO.com - your roadmap to thriving in a disrupted environment
Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
Exclusive discounts on BenefitsPRO.com and ALM events.