Meet the Mayor Who’s Using Eminent Domain to Fight Foreclosure The fearless Gayle McLaughlin of Richmond, California, has taken on Chevron and big banks on behalf of taxpayers and underwater.
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Richmond’s mayor, activists work to fight back against Wells Fargo and others who filed two lawsuits stating that the city’s mortgage plan is an illegal abuse of eminent domain
Richmond pushes forward with eminent domain plan – SFGate – Richmond could invoke eminent domain for underwater mortgages by uniting with another city in a Joint Powers Authority – even without getting a supermajority of the City Council to approve the.
About 200 homes in Irvington may be eligible to be taken over, Mayor Wayne Smith. uses its power of eminent domain to seize mortgages, not the homes themselves, it would be second municipality in.
RealtyTrac: 3.8m Homes to Receive Foreclosure Filing in 2010 Property foreclosure filings in the US dropped 5% over the first half of 2010 as lenders continue to delay proceedings to focus on short sale and loan modification efforts, according to a new report. More than 1.6 million homes received at least one filing, including default notices, auction sale.
Irvington is the second municipality in the country to declare its intent to use eminent domain to purchase homes in foreclosure, behind Richmond, Calif.. Eminent domain to fight foreclosures.
FHFA delays principal reduction ruling Beginning October 15, 2016, loan servicers must begin contacting eligible homeowners about the principal reduction modification program. They have until December 31, 2016 to do so, which means homeowners have a very narrow window to apply for a principal reduction. The FHFA estimates that approximately 33,000 homeowners will qualify.
EMINENT DOMAIN FOR UNDERWATER MORTGAGES: ALREADY ON THE WAY TO THE BOTTOM OF THE SEA OF BAD IDEAS by Dwight H. Merriam* On the surface, it seemed like such a good idea.1 So many hapless people, victims of a perfect storm of bad lending practices and a deep economic recession, trapped in homes now "underwater" and valued at
Using eminent domain to bail out underwater homeowners won’t fix all Irvington’s problems, but Mayor wayne smith thinks anything that can help some residents of his economically struggling.
The council voted 6-0 (with one abstention) in April to partner with MRP, and in the early-morning wednesday meeting, it voted 5-2 to reject a motion to abandon eminent domain altogether. “Given their.
Taking a controversial plunge into uncharted waters, Richmond is poised to become the first city in the country to invoke eminent domain to address its foreclosure crisis. If the offers are.
· Eminent Domain: A Long Shot Against Blight Image The mayor’s plan would buy and refinance underwater mortgages in an attempt to save the city from more boarded-up houses.
Fed Publishes Wave of Rules for Mortgage Origination Transparency The new mortgage servicing rules achieve two main objectives. First, they will help prevent all borrowers from being caught off guard by surprises and getting the runaround from their servicers.Foreclosure nonprofit expands into Maryland Amendment to Eliminate HVCC Still Alive in Financial Reform Bill More than half of US metros post higher foreclosure activity realtytrac: 12 of 20 major metros see decline in foreclosures Despite improvement, more than 597,000 US foreclosure filings reported in first half of 2015 by Erik Pisor Staff WriterA few weeks ago, the Senate Banking Committee drafted and passed out of committee their version of Financial Reform (S. 3217). Unfortunately, the Senate bill does not include language to nullify HVCC.RealtyTrac: 3.8m Homes to Receive Foreclosure Filing in 2010 Foreclosure activity in the San Diego region fell 17 percent in 2010, posting the third highest decrease among the 20 largest metro areas in the country, according to foreclosure-listings company.Blackstone to sell bonds backed by lease payments Former MBA Chairman David Kittle joins ComplianceEase "The MBA at times has been too political in the past few years, instead of focusing on policy decisions all the time," said David Kittle, president of The Mortgage Collaborative, a consortium of independent mortgage bankers. "It got too political around elections and everything else."The lid on the bond plans came off Thursday, a day after Schaaf, Reid and an unidentified "key executive" of the investment banking/private equity/financial services firm blackstone. could issue.Fed Publishes Wave of Rules for Mortgage Origination Transparency 3 According to 75 fed. reg. 58509 (september 24, 2010), the purpose of the Compensation Rules is "to protect consumers in the mortgage market from unfair or abusive lending practices that can arise from certain loan originator compensation practices, while preserving responsible lending and sustainable homeownership."
Richmond could invoke. to cooperate with other towns on eminent domain for mortgages. While other cities are exploring the idea, none has committed to it. "The focus of this program is to stabilize.
The Washington Post took a closer look at Richmond and the California city’s efforts to use eminent domain to fight foreclosure blight. The newspaper described Richmond’s use of eminent domain to.