In a stunning reversal, San Bernardino County on Thursday abandoned a plan to restructure underwater mortgages through the use of eminent domain, citing a lack of support from the community.

San Bernardino County Chief Executive Officer Greg Devereaux said at a hearing Thursday that he would not move forward with a plan to use eminent domain to refinance underwater mortgages.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.