Mortgage-Seizure Backer Says Taking Delinquent Debt in Program
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Mortgage Resolution Partners LLC, the firm pushing municipalities to seize loans for borrowers owing more than their homes’ values, said it would expand its proposed program to include delinquent and defaulted debt.
The company made the pledge today in a comment letter to the overseer of Fannie Mae, Freddie Mac and the Federal Home Loan Banks, after previously saying only performing mortgages should be targeted. The San Francisco-based firm is seeking to profit by providing services to local governments that use their so-called eminent domain powers to force sales of home loans packaged into securities without federal backing.