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Can State or Local Governments Use Eminent Domain to Seize Underwater Mortgages? Will They Try?



Tuesday, February 5, 2013
Product Code - LGN112
Speaker(s): Donald M. Falk, Mayer Brown LLP; Dario J. Frommer, Mayer Brown LLP
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In recent months, some municipalities have considered seizing the home mortgages of hard-pressed homeowners under the power of eminent domain for the purportedly public purposes of preventing foreclosures and potential localized loss of property values. 

The novel initiative is untried in the courts and has been vigorously opposed by the financial services industry and even by some regulators. Nevertheless, it is gaining momentum at the local level and is likely to present a challenge to the legal, banking, and real estate industries. There is also a possibility of similar action at the state level.

This program, featuring former California Assembly Majority Leader Dario Frommer and appellate expert Donald Falk, will explore the legal and political issues surrounding this proposed application of eminent domain.

Educational Objectives:

• Find out about the origins of this application of eminent domain.
• Understand the theoretical underpinnings of the concept.
• Learn the motivations of its originators and supporters.
• Become aware of the barriers to its gaining wider acceptance.
• Understand the chances it can survive challenges in the courts.

Who would benefit from attending?

Those most likely to gain from this presentation include attorneys for financial institutions and others that invest in residential mortgages who need to understand what assets might be at risk from such initiatives and how serious a threat eminent domain might be to their businesses. Others who may benefit could include legal counsel for localities that may consider the eminent domain option. They will gain perspective required to offer advice as to whether eminent domain is a feasible or desirable option.

Program Level: Intermediate

Credit Available: CLE. For more information, please click on the “CLE Credit” tab. 

Donald M. Falk, Mayer Brown LLP; Dario J. Frommer, Mayer Brown LLP

Donald M. Falk, Mayer Brown LLP
Don Falk has an extensive appellate practice in the U.S. Supreme Court and in federal and state appellate courts in California and throughout the country. His work involves a wide range of constitutional, statutory, patent, securities, administrative, criminal and common law issues. Recent victories included a New York Court of Appeals decision enforcing a release to bar a $900 million claim and decisions in the California state appellate courts on statutory construction, class certification, and damages issues. He was a member of the team that secured a U.S. Supreme Court victory in AT&T Mobility LLC v. Concepcion, which he followed with a Ninth Circuit class certification win in Mazza v. American Honda Motor Co. After Mazza, The American Lawyer observed that "Donald Falk is becoming California's class action killer." He is also a contributor to Class Defense, his firm’s blog on key issues affecting class action law and policy.

Mr. Falk earned a J.D. from the University of California, Berkeley School of Law, where he served as Articles Editor for Ecology Law Quarterly and was a member of the Order of the Coif; an M.A. from the University of Chicago; and a B.A., with highest departmental honors, from the University of California, Berkeley. He is admitted to the Bars of the District of Columbia and California.

Dario J. Frommer, Mayer Brown LLP
Dario Frommer focuses on strategic governmental affairs and represents clients with high stakes legislative, regulatory and enforcement matters before state and local government. His experience includes energy, climate change, health care, tribal gaming, infrastructure procurement and election law. Mr. Frommer has received numerous awards and honors for his work, including: “Best of the Bar” from the Los Angeles Business Journal (2007, 2009); an Honorary Associate of Arts Degree from Glendale Community College (2006); the Alumni of the Year award from the University of California, Davis (2004); California Legislator of the Year from the National Multiple Sclerosis Society (2003); Legislator of the Year from the California Parks & Recreation Society (2003); “Top 20 California Lawyers Under 40” from Daily Journal (1999); and the Outstanding Young Californian Award from the California Jaycees Foundation (2000).

Mr. Frommer earned a J.D. from the University of California, Davis School of Law and a B.A., cum laude, from Colgate University. He is admitted the California Bar.

This program is CLE-credit eligible.

If you have further questions regarding a specific state or how to file for CLE credit, please contact Bloomberg BNA customer service at 800-372-1033 and ask to speak to the Legal and Business CLE Accreditation Coordinator.

Hardship Policy
Bloomberg BNA offers a hardship policy for attorneys earning less than $50,000 per year. If an attorney wishes to take advantage of this option, he or she must contact Bloomberg BNA directly. For attorneys who are unemployed or earning less than $35,000 per year, a full discount off the price of the program will be awarded upon written proof of hardship. Attorneys earning between $35,000 and $50,000 per year will receive a 50% discount off the price of the program. Any attorney working in the public service sector also qualifies for a special price. If you have further questions regarding the hardship policy or seek additional information, please contact Bloomberg BNA customer service at 800-372-1033 and ask to speak to Lindsey Pace, CLE Accreditations Coordinator, or email us at accreditations@bna.com.

Questions
For more information about Mandatory or Minimum Continuing Legal Education (MCLE) requirements, visit the American Bar Association website at http://www.abanet.org/cle/mandatory.html.