Abstract
This written testimony accompanied Professor Hockett's oral testimony, given 11 September 2012, before a House of Representatives panel convened by Rep. Maxine Waters, on the necessity of municipalities' employing their eminent domain authority to purchase and write-down principal on deeply underwater private label securitized (PLS) mortgage loans. Professor Hockett argues that familiar market impediments prevent voluntary write-downs of such loans even when such write-downs are as creditor- as they are debtor-friendly. Pursuit of his eminent domain approach to the otherwise insoluble, still ongoing mortgage debt deflation, Professor Hockett concludes, will be 'win-win' for all interested parties.
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