Milbank Tweed Forum: Mortgage Relief or Bank Robbery? An Eminent Domain Showdown

  • Foreclosure

Milbank Tweed Forum: Mortgage Relief or Bank Robbery? An Eminent Domain Showdown

Wednesday, February 5, 2014 | 12:25 PM - 1:50 PM
Vanderbilt Hall, Greenberg Lounge map

Financial "innovations" helped blow up the housing market. Is the proposal to use eminent domain to take mortgages in order to "help" underwater borrowers another financial wizardry shenanigan, or a promising idea? Is it constitutional? Will investors put up with it? Come hear a discussion of the plan - adopted by Richmond, California and reportedly under consideration by the New York City Council - and the opposition mounted against it.

Vicki Been '83, Boxer Family Professor of Law, NYU School of Law
Been is director of the Furman Center for Real Estate and Urban Policy, and her areas of research include predatory lending and affordable housing.
Robert Hockett, Professor, Cornell University Law School
Hockett's principal teaching, research, and writing interests lie in the fields of organizational, financial, and monetary law and economics. He authored a paper that sparked the idea of using eminent domain for mortgage relief.
Matt Levine, Columnist, Bloomberg View
Levine spent four years as an investment banker at Goldman Sachs, and worked as an M&A lawyer at Wachtell, Lipton, Rosen & Katz.
John Vlahoplus, Co-founder and Chief Strategy Officer, Mortgage Resolution Partners
Prior to his two decades in the financial services industry, Vlahoplus was an attorney at Sullivan & Cromwell. Mortgage Resolution Partners is a business that advises municipalities on how to use eminent domain to restructure mortgages.

Gerald Rosenfeld, Distinguished Scholar in Residence and Senior Lecturer, NYU School of Law
Rosenfeld, a co-director of the Law School's Leadership Program on Law and Business, is vice chairman of Lazard Ltd. and previously served as deputy chairman of Rothschild North America and as its chief executive officer for eight years.

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Jonathan Biondi