Joe Nelson, Staff Writer
Posted: 10/22/2012 09:58:51 PM PDT
The third meeting of the Homeownership Protection Program Joint Powers Authority, composed of San Bernardino County and the cities of Ontario and Fontana to address the county’s foreclosure crisis, has been canceled due to a lack of quorum.
An unofficial proposal by San Francisco-based investment firm Mortgage Resolution Partners to use eminent domain to acquire underwater mortgages in the areas of the country hardest hit by the subprime mortgage crisis, including San Bernardino County, has triggered fierce opposition from the real estate and lending community nationwide.
Mortgage Resolution Partners has targeted mortgages tied up in private-label securitized mortgages – loans that are held in trust but bundled and sold in bulk to private investors across the globe.
At least three people need to be present at a meeting for the board to meet, county spokesman David Wert said.
“We must have had at least three people whose schedules were shaky enough to where it was smart enough to just cancel the meeting,” Wert said.
At the first meeting of the joint-powers authority in July, board chairman and county Chief Executive Officer Greg Devereaux had asked board members about their availability for October, according to the meeting minutes.
“All five members of this panel have very important full- time jobs outside of their work on the JPA,” Wert said. “One is the county CEO and two are city managers, and things pop up that take priority.”
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