New YorK Fed Publishes Eminent Domain Mortgage Paper

The bad idea of having state and municipal government use their eminent domain powers to restructure privately held mortgage debt is the subject of a new research paper from the New York Fed by Robert Hockett, a recent visiting scholar at the Federal Reserve Bank of New York. Why the Fed is still pursuing this when the housing market is recovering anyway with private investment without the use of eminent domain power is a mystery to me, but there it is.