Banks push harder to sideline Richmond eminent domain plan

When the speculators move in – Thanks to the banks’ racist practice of predatory lending, households of color were particularly hard. Richmond would circumnavigate stubborn banks that refuse to refinance a borrower’s loan by.

Richmond disclosed the eminent domain plan as part of the official offering statement but said it wasn’t material. Despite the bonds’ A-minus rating, there were no takers from investors.

It’s our community that’s at stake here,’ Richmond Mayor Gayle McLaughlin said, noting the eminent domain plan is needed to help the city of. a coalition to take legal action to oppose the push,

Banks push harder to sideline Richmond eminent domain plan. Many of the targeted loans are not underwater.. Richmond eminent domain plan rattles mortgage industry. July 31, 2013.

If implemented, banks would be forced to write down large portions of a borrower’s principal. The Network has previously covered the mortgage eminent domain proposal and Mortgage Resolution Partners, which had backed Richmond’s plan. And last September, the Berkeley Center for Law, Business and the Economy and Berkeley Business Law Journal.

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Barnidge: Only thing lacking in Richmond’s eminent domain plan is common sense. who instinctively push whenever the mayor pulls, were so troubled by the legal and liability exposure in this.

Judge Declines Banks’ Effort To Block Richmond Eminent Domain Plan On Underwater Mortgages. Deutsche Bank, Eminent Domain. of a plan by the city of Richmond to use eminent domain to force.

In a major development last week, Richmond became the first city in the country to offer to purchase mortgages of distressed homeowners from Wall Street banks and other lenders. Under a plan approved by the city council in April, the city can also use its eminent domain authority to purchase loans in order modify them and allow families to.

Richmond was hit particularly hard when the speculative. Wells Fargo, Deutsche Bank AG, and The Bank of New York Mellon attempted and failed to get a federal injunction against the eminent domain.

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Right of Way Negotiation 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.