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Suffolk hears plan to seize homes with underwater mortgages

Originally published: July 24, 2012 9:28 PM
Updated: July 25, 2012 9:33 AM
By PAUL LAROCCO  paul.larocco@newsday.com

Suffolk County officials said they heard a proposal

Photo credit: iStock.com image | Suffolk County officials said they heard a proposal from Mortgage Resolution Partners of San Francisco to use eminent domain to seize homes of struggling homeowners with mortgages that are more than the property is worth.

A California investment firm is pitching a controversial and untested plan to Suffolk County Executive Steve Bellone: Use the county's seizure powers to acquire "underwater" home mortgages.

While Bellone said he has no immediate plans to implement the proposal, he and other county officials met recently with Mortgage Resolution Partners, a new San Francisco company that also is advising a...

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