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The Constitutionality Of Using Eminent Domain To Condemn Underwater Mortgage Loans, Katharine Roller
The Constitutionality Of Using Eminent Domain To Condemn Underwater Mortgage Loans, Katharine Roller
Michigan Law Review
One of the most visible and devastating components of the financial crisis that began in 2007 and 2008 has been a nationwide foreclosure crisis. In the wake of ultimately ineffective attempts at federal policy intervention to address the foreclosure crisis, a private firm has proposed that counties and municipalities use their power of eminent domain to seize “underwater” mortgage loans—-mortgage loans in which the debt exceeds the value of the underlying property—-from the private securitization trusts that currently hold them. Having condemned the mortgage loans, the counties and municipalities would reduce the debt to a level below the value of …
Eminent Domain For The Seizure Of Underwater Mortgages, Sarah Thompson
Eminent Domain For The Seizure Of Underwater Mortgages, Sarah Thompson
University of Michigan Journal of Law Reform Caveat
Like many cities in the United States, Richmond, California suffered greatly from the recent mortgage crisis. The foreclosure crisis hit Richmond hard in 2009, when more than 2,000 homes in Richmond went into foreclosure. This figure is especially shocking given that there were 18,659 owner-occupied housing units in the city at that time. In 2012, the city saw an additional 914 foreclosures and a foreclosure rate of thirty out of 1,000 homes (well above the national average of thirteen of every 1,000 homes). Today, it is reported that nearly forty-six percent of homes in Richmond are “underwater,” meaning that what …
Supreme Neglect Of Text And History, William Michael Treanor
Supreme Neglect Of Text And History, William Michael Treanor
Michigan Law Review
Since his classic book Takings appeared in 1985, Richard Epstein's ideas have profoundly shaped debate about the Fifth Amendment's Takings Clause to a degree that no other scholar can even begin to approach. His broad, original, and stunningly ambitious reading of the clause has powerfully influenced thinking in academia, in the judiciary, and in the political arena. The firestorm of controvery that followed the Supreme Court's recent decision in Kelo - in which the Supreme Court upheld the constitutionality of a municipal urban renewal plan that displaced long-time homeowners and conveyed their land to developers - is in critical part …
The Neglected Political Economy Of Eminent Domain, Nicole Stelle Garnett
The Neglected Political Economy Of Eminent Domain, Nicole Stelle Garnett
Michigan Law Review
This Article challenges a foundational assumption about eminent domain- namely, that owners are systematically undercompensated because they receive only fair market value for their property. In fact, scholars may have overstated the undercompensation problem because they have focused on the compensation required by the Constitution, rather than on the actual mechanics of the eminent domain process. The Article examines three ways that "Takers" (i.e., nonjudicial actors in the eminent domain process) minimize undercompensation. First, Takers may avoid taking high subjective value properties. (By way of illustration, Professor Garnett discusses evidence that Chicago's freeways were rerouted in the 1950s to avoid …
Constitutional Law-Eminent Domain-Master Flight Plan As A Taking Of Land Under Approach Area To Municipal Airport, Ralph L. Wright S. Ed
Constitutional Law-Eminent Domain-Master Flight Plan As A Taking Of Land Under Approach Area To Municipal Airport, Ralph L. Wright S. Ed
Michigan Law Review
Plaintiff owned land adjacent to the Greater Pittsburgh Airport which lay under an approach area for one of the runways. Allegheny County, in compliance with rules and regulations of the Civil Aeronautics Authority, drafted a "Master Plan," approved by the CAA, which showed the approach area over part of plaintiff's property. Plaintiff sued to recover damages from the county, owner and operator of the airport, alleging an appropriation of his land because of the substantial interference with its use and enjoyment caused by flights at low altitudes above his land during landings and take-offs. Upon an award of damages by …
Landowners' Rights In The Air Age: The Airport Dilemma, William B. Harvey
Landowners' Rights In The Air Age: The Airport Dilemma, William B. Harvey
Michigan Law Review
If Lord Tennyson had been a student of the common law, he might well have qualified his poetic foresight of "the heavens fill[ed] with commerce" by some cautious reference to the complaints of landowners below against the "pilots of the purple twilight, dropping down with costly bales." The result doubtless would have been poorer poetry but a far more accurate forecast of the problems to confront mid-20th century lawyers. Although the phenomenal growth of civil aviation since the first World War has opened up a host of difficulties, the only ones of concern in this article are those presenting the …
Constitutional Law - Eminent Domain - Condemnation Of Riparian Lands Under The Commerce Power, George F. Lynch S.Ed.
Constitutional Law - Eminent Domain - Condemnation Of Riparian Lands Under The Commerce Power, George F. Lynch S.Ed.
Michigan Law Review
The power of the United States to regulate commerce comprehends a right to control navigation and the means of navigation. To the extent necessary for the enjoyment of this power the government may condemn riparian property. The federal power of eminent domain is limited by the mandate of the Fifth Amendment which requires just compensation for private property taken for a public use. Usually, the standard of just compensation is the market value of the property, taking into consideration the most profitable uses for which the property is suited and likely to be used at the time of the taking, …
Constitutional Law - Public Use Requirement And The Power Of Eminent Domain, Donald F. Oosterhouse S.Ed.
Constitutional Law - Public Use Requirement And The Power Of Eminent Domain, Donald F. Oosterhouse S.Ed.
Michigan Law Review
Under the District of Columbia Redevelopment Act, an agency was created to redevelop blighted and slum areas. Pursuant to the mode of operation prescribed in the statute, the agency intended to purchase or take by eminent domain all the property in the vicinity of appellant's property. After getting title to all the property the agency was to lease or sell it to private enterprisers to redevelop the area according to the agency's comprehensive plan, which specified definite boundaries for various uses. Appellant brought this action to enjoin the condemnation of his business property, claiming that the statute was unconstitutional because …
Constitutional Law - Zoning Ordinances Prohibiting Repair Of Existing Structures, William F. Fratcher
Constitutional Law - Zoning Ordinances Prohibiting Repair Of Existing Structures, William F. Fratcher
Michigan Law Review
The rapid development and expansion of the zoning movement during the last ten years has been directed mainly toward guiding new construction in accordance with modern ideals of city planning. There has been, however, a concomitant attempt to restrict the use and repair of existing structures which, if built after its passage, would not conform to the provisions of the zoning ordinance. This at first glance may seem only an insignificant part of the whole zoning problem. But when it is considered, from the point of view of city planners, that it is nearly impossible to make a high grade. …