Banks push harder to sideline Richmond eminent domain plan

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Banks Threaten to Punish Cities that Use Eminent Domain to. – If the offers are spurned, the letter said Richmond may use the power of eminent domain to condemn the mortgages and seize them, paying court-determined fair market value." The current market value of the 624 homes is about $177 million, but the face value of their mortgages is $242 million.

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Eminent Domain to Save Homeowners? | Peninsula Peace and. – The big banks say that any plan to use eminent domain to buy up underwater mortgages is a grave violation of private property rights. Mortgage giant Wells Fargo says that "We believe this approach will harm mortgage investors, the housing market, and the communities and borrowers that its proponents claim they would be helping."

Feds Threaten to Stop Lending to Cities That Use Eminent. – The suit argues that the plan targets mortgages for a purely private use, which is a violation of the takings clause of the U.S. Constitution, the California Constitution and of eminent domain law. By reaching beyond the city’s borders to take control of loans, the city also may be violating due process requirements.

Obama Administration Sides With Big Banks Against Underwater. – Obama Administration Sides With Big Banks Against Underwater Homeonwers.. Richmond is the first to push forward with the plan, also being debated in cities across the state and nation.. Executives and legal counsel for Fannie Mae and Freddie Mac also singled out the eminent domain plan.

Challenging the Power of the Banks – Since the banks. Big to Fail”? Richmond’s city council is only one vote short of the supermajority needed to pursue the eminent domain plan, and it is seeking partners in a Joint Powers Authority.

Richmond's Eminent domain plan moves Another Step Forward. – Richmond’s Eminent Domain Plan Moves Another Step Forward. At a city council meeting on Tuesday, there was heated debate over the plan, which would allow the city to use eminent domain to seize underwater mortgages and prevent foreclosures. Going late into the evening, the Richmond city council eventually voted 4-2 to set up new guidelines for the anti-foreclosure project.

Nevada city rejects eminent domain plan for mortgages – Eminent domain allows governments to seize private property for a public purpose. MRP’s plan for North Las Vegas was similar to its plan for Richmond, California, another city hit hard by the mortgage crisis. But Richmond may back MRP’s plan, which has prompted a lawsuit by investors holding mortgages targeted by it.

Why Richmond's Plan to Rescue Homeowners Could Reshape the. – RICHMOND, Calif.- Once this city uses eminent domain to seize and refinance underwater homes belonging to Wall Street banks, towns nationwide will hurry to replicate the success. And when they do, they’ll study the maverick trio of power holders who made it happen here first. A hint: the foreclosure prevention