California County Considers a Rescue Plan for Struggling Homeowners

[cherokeeprogressive]

7. I have to wonder how Mortgage Resolution Partners, the firm that approached SB County benefits...

from this and why this whole thing transpired in secret for so long. A confidentiality agreement was signed Feb. 18 when the company was sounding out the county about the idea. When the company was sounding out the county about the idea.

I also wonder where SB County gets the money to buy the mortgages from their current owners seeing as how they're in much the same position as the City of San Bernardino was before it decided to file for bankruptcy.

One of Mortgage Resolution Partners' partners is "the Managing Partner of Westpark Community Builders which developed 1,500 acres in Roseville, California and planned and entitled 4,300 residential units which were sold to the three largest builders in the United States. Westpark is continuing to develop master planned communities in Roseville consisting of several thousand residential units. In addition, as CEO of Live Oak Enterprises, he has developed the Whitney Oaks master planned community in Rocklin, California with a championship Johnny Miller designed golf course and 2,000 homes."

I'd have to agree that lenders who face the possibility of having their deeds taken from them under the principle of eminent domain are going to be hesitant to do business in San Bernardino County in the future.

Kinda sounds to me like the rich getting richer on the backs of the unfortunate.

http://www.pe.com/local-news/san-bernardino-county/san-bernardino-county-headlines-index/20120707-san-bernardino-county-mortgage-proposal-initially-kept-quiet.ece

http://www.law.berkeley.edu/13068.htm