| Jul 30, 2012 9:58AM California Lieutenant Governor Gavin Newsom blasted a Washington trade group on Friday for making what he called threats against local officials in the state's San Bernardino County. As was reported in MND , in June the county's Board of Supervisors outlined and approved a plan to use its eminent domain authority to seize and restructure underwater mortgages . Since that action officials in Berkley and Chicago have passed similar measures. Almost immediately after the San Bernardino vote the Securities... Jul 30, 2012 10:01AM Earlier this week I was in Ontario, visiting the headquarters of a well-run mortgage shop, so this note was very relevant: "Rob, what are you hearing with this eminent domain thing? I am a two-person broker in Iowa - why should I care about what happens up 'the mortgage food chain' in California - the land of fruits and nuts?" Remember, the architects of this thing were smart enough to know that they couldn't pick on the Agencies or GNMA, so they have only picked a fight with SIFMA and left the Goliaths...
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