Correction: Seizing Mortgages story

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Associated Press

Posted on July 16, 2012 at 2:01 PM

Updated Tuesday, Jul 17 at 12:02 AM

FONTANA, Calif. (AP) — In a story July 15 about a proposal for cities and counties to use the power of eminent domain to seize mortgages and help homeowners into more manageable payments, The Associated Press reported erroneously that Robert Hockett, a Cornell University law professor, likes that the proposal forces the hand of uncooperative investors. Hockett said that he likes that the proposal forces the hand of some investment bankers who have stifled plans to reduce principal.

Under the proposal, cities and counties would argue that a public purpose is served by condemning the mortgages under eminent domain because the cities and counties face economic blight and a damaged tax base.

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