Bondholders sued Richmond Wednesday over the California city’s threat to use eminent domain, if necessary, to purchase underwater mortgages as part of a broader effort to fight foreclosure blight. The mayor of Richmond, Calif., is ready to fight for the use of eminent domain to aid underwater homeowners , while the Obama administration is publicly correcting inaccurate mortgage fraud data.
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.
The mayor of Richmond, Calif., is ready to fight for the use of eminent domain to aid underwater homeowners, while the Obama administration is publicly correcting inaccurate mortgage fraud data.
RP: What do homeowners facing foreclosure in Richmond need to know right now about the city’s plan to invoke eminent domain? Mayor Gayle McLaughlin: We call it the Cares Program or the Local Sensible reduction program because, first and foremost, we would like to continue to call on the banks to work with us, to cooperate with the City of.
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Two congressmen battle portions of Dodd-Frank publicly Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 July 21, 2010. Signed by President Barack Obama on July 21, 2010, this legislation provided wide-ranging prescriptions aimed at correcting the causes of the 2007-09 financial crisis.MBA Secondary: FHA, Ginnie Mae, VA and USDA leaders outline policy updates Ginnie Mae Seeks Input on Moderating VA Prepays – Ginnie Mae has issued. to the policy changes noted above, particularly the VA rule, so it is difficult to determine the impact of the changes. It is also difficult to determine how much the.Large housing inventories to be sold at deep discounts in 2011: DBRS Again, another great source for those interested in Jacksonville real estate investing. Of course, the biggest draw for investors remains the discount that these properties provide. According to RealtyTrac, the average non-distressed home sold for about $104,000 in the Jacksonville housing market.
It used to be that the term "eminent domain" sent shivers down the spine of homeowners, representing the forced sale of their property to make way for a new highway or shopping mall. However, residents in Richmond, California are set to be the first city in the country to invoke eminent domain laws to save.
A Novel Use of Eminent Domain. The MRP plan relies on a somewhat novel use of eminent domain, which is traditionally used to seize land for city planning purposes. Richmond is proposing to seize 624 mortgages valued at more than the homes for which they were written and refinance them at rates more favorable to homeowners.
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
Foreclosure and the Eminent domain solution explained richmond, Calif.’s plan — which dozens of localities are considering — is facing legal and legislative challenges.