Chicago Mayor Rahm Emanuel said he does not support the use of eminent domain to seize underwater mortgages at a committee hearing Tuesday, the Chicago Sun Times reported.
In the midst of the debate was actor John Cusack, who attended the hearing to show his support for the use of eminent domain, according to the Sun Times article, which quoted him stating, “It’s an interesting idea to help keep people in their homes.”
The proposal currently under scrutiny and oftentimes under attack involves the seizure of underwater mortgages at fair market value. The mortgages would then be refinanced into new terms reflecting the current value of the home, making the mortgage more affordable for the homeowner.
In addition to Chicago, officials in San Bernardino County, Sacramento, and Elk Grove are considering the use of eminent domain.
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