Posts Tagged ‘eminent domain’

Richmond’s program to prevent foreclosures spreads

It was one of those public meetings with a whole lot of talk and no action, but this discussion –in Oakland – is nonetheless crucial to Richmond’s plan to prevent future foreclosures. That’s because Richmond may need the support of other cities to succeed in its struggle with the banks.

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Zombie foreclosures: Richmond’s hidden housing crisis

Richmond has seen an increase in “zombie” foreclosures, meaning that the bank, upon foreclosing on the homeowner, never took ownership of the home. The practice allows banks to avoid liability. It also increases blight, and makes it difficult for the city to manage abandoned properties, which often turn into blighted eyesores.

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Eminent domain firm defends against Wall Street charges

As critics point out, the people behind Mortgage Resolution Partners bear some striking similarities to the Wall Street bankers they’re ostensibly fighting. Chairman Steven Gluckstern says that although all three of the firm’s partners have worked for financial institutions in various capacities, none of them have any connection to the mortgage-backed securities that created the financial crisis of the mid-2000s.

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Lawsuit against Richmond’s eminent domain plan dismissed

Richmond notched a victory in its effort to use eminent domain to seize underwater mortgages on Monday, as a federal court dismissed a lawsuit filed by Wells Fargo and Deutsche Bank against the city. U.S. District Judge Charles Breyer wrote that the case is not “yet ripe for adjudication.” In other words, the banks can’t…

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Motion to kill Richmond’s eminent domain plan fails

Vicky Conway says she is stuck in a loan she can’t afford. She and her husband Rodney Conway bought a home in northeast Richmond in 2004 and, like many of the city’s residents, the couple’s home is “underwater,” meaning the amount they owe exceeds the market value of the house. “I know that we’re not…

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California Realtors Associations campaign against eminent domain plan

Richmond’s plan to seize underwater mortgages through eminent domain has come under sharp criticism. Opponents claim that the plan could depress property values, and end up costing the city millions of dollars in lost revenues and legal fees. The West Contra Costa Association of Realtors (WCCAR), which is receiving financial backing from the California Realtors…

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