The City of North Las Vegas is considering a proposal to use eminent domain to help underwater homeowners.
If it works, thousands of people would get millions of dollars worth of debt erased and get to stay in their homes.
However, not everyone, including the banking and real estate industries, thinks it is a good idea.
Under the program, the city would use eminent domain, a power usually reserved for big projects like freeways and government buildings, to pay fair market value for properties then give them back to the homeowners with a much more manageable payment.
A private company called Mortgage Resolution Partners would provide funding, using private investor money, for the city to buy the mortgages and would get a fee for every deal.
The homeowners would never have to give up their homes, and according to MRP, it would not cost the city a dime.
