The Homeownership Protection Program JPA will consider a request for qualifications prepared by its staff and decide whether or not to disseminate it to interested parties, county spokesman David Wert said.
A group of San Francisco venture capitalists calling themselves Mortgage Resolution Partners has been the most visible party of interest, and has garnered national media attention with its unprecedented proposal: to use eminent domain to acquire underwater mortgages.
The proposal entails the county seizing loans in the form of securitized mortgages through a court order, which would allow underwater homeowners to renegotiate their loans based on the current market value of their homes.
There are roughly 150,000 residents in San Bernardino County who owe more on their homes than they are currently worth - the definition of being "underwater."
The meeting begins at 9 a.m. in the Robert Covington Chambers at the county Government Center, 385 N. Arrowhead Ave., in San Bernardino.