I wrote a piece recently on the issue of city governments planning to start seizing underwater mortgages. This is a misguided attempt at helping homeowners, but we all know how well politicians do with real estate policy when they don't consult real estate professionals first.
You can read the full explanation of the process here:
Eminent Domain Seizure of Underwater Mortgages - How it Works (and Why it Won't)
For a quick explanation, this graphic gives a good synopsis of the process:
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