City leaders commitment to help struggling homeowners, even despite threats from powerful financial institutions, has inspired scores of activists across the country—from Irvington, New Jersey to Seattle, Washington.Read More
The Richmond City Council approved a permit Tuesday night to allow a marijuana dispensary to move from its current location near Hilltop Mall to a largely abandoned street on Bissell Avenue, less than one block from the Target on Macdonald.Read More
Richmond Confidential obtained a list of 602 of the 624-targeted mortgages, which we’ve mapped. When comparing a map of the homes the city has targeted for assistance to a map of foreclosed properties in the city, one thing is clear: They’re pretty different.Read More
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.Read More
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.Read More
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.Read More
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…Read More
Richmond’s unprecedented plan to help homeowners refinance their mortgages has sparked a national debate about the use of eminent domain, but until now officials haven’t shed much light on how they selected the list of 624 mortgages.Read More
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…Read More
Last Night’s gathering at the Police Activities League was pegged as a “debate” on the pros and cons of the city’s plan to buy or seize 624 underwater mortgages.
But only the opponents’ spokesman showed up.
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…Read More