August 14, 2012
On August 14, ASF Executive Director Tom Deutsch testified before a hearing of the City of Chicago Joint Committee of the Committee on Finance and Committee on Housing and Real Estate regarding the implementation of a program to use eminent domain to seize mortgages. On July 25, Chicago adopted a resolution to schedule the hearing, which specifically cites the eminent domain proposal under consideration in San Bernardino County.
In the wake of the hearing, Chicago Mayor Rahm Emanuel expressed his opposition to the proposed use of eminent domain to seize underwater mortgage loans in Chicago. At a news conference, Mayor Emanuel stated, “I don't think it's the right way to address the problem... I think there are other places to do it. I don't think it's the power of the city to do, to deal with the housing issue. We have a national issue. I think we have to address the issue. I just don't think that's the right instrument.”
ASF Testimony: Chicago Joint Committee on Finance and Housing and Real Estate: Eminent Domain - August 14, 2012
Chicago Joint Committee on Finance; Housing and Real Estate: Meeting Agenda - August 14, 2012
More Information on Chicago Hearing
Chicago Joint Committee on Finance; Housing and Real Estate Resolution: Eminent Domain to Seize Mortgages - July 25, 2012
More Information on Resolution
Chicago Tribune Article on Mayor Emanuel's Remarks