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To the Editor:
Re "A City Invokes Seizure Laws to Save Homes" (front page, July 30): There are unintended consequences to localities' use of eminent domain to seize mortgages for underwater borrowers.
Eminent domain would shift new mortgage risks to the lender, even if the borrower is current on his mortgage payment. This risk would be factored into all future mortgages through higher interest rates and higher down-payment requirements, increasing the cost of a mortgage in that specific city or town.
That town would then become less desirable for potential home buyers, and anyone who wants or needs to move wouldn't be able to sell. A result would be lower home values for all, even those who own their homes outright.
Policy makers need to consider the long-term consequences of such quick fixes so that, in an effort to help a select few, they don't hurt many more.
DAVID H. STEVENS
President and Chief Executive
Mortgage Bankers Association
Washington, Aug. 2, 2013
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