Eminent Domain Mortgages

News & Analysis as of

Real Property, Financial Services & Title Insurance Update: Week Ending October 16, 2015

REAL PROPERTY UPDATE - - Foreclosure/Standing: although bank established it had possession of note prior to commencement of action, bank did not demonstrate when blank endorsement was placed on note, nor did it prove it...more

Contamination, Underwater Mortgages, and the IRWA Annual Education Conference

Along with my colleagues Brad Kuhn, Ben Rubin, and Katherine Contreras, I'm here in Hartford at the IRWA Annual Education Conference. It's been an interesting few days as we discuss eminent domain issues in the shadow of New...more

California Investment Firm and City Team Up to Erase Mortgages Through Eminent Domain

If a California investment firm and the City of Richmond, California have their way, the mortgage industry may face a new threat: a plan to use government’s eminent domain power to seize homes where homeowners owe more than...more

Community Banking Excellence - Issue 2, 2014

In This Issue: - Another Perspective: Robert T. Braswell, President and Chief Executive Officer Carolina Bank: Mr. Robert T. Braswell is President and Chief Executive Officer of Carolina Bank. He has served in...more

Bank of New York Mellon Corp. Sues to Block City of Richmond’s Condemnation of Home Loans

The Bank of New York Mellon Corporation (BNY) is seeking an injunction to prevent the City of Richmond, California from using eminent domain powers to seize and refinance more than 600 home loans with outstanding balances...more

City of Richmond, California Backs Plan to Use Eminent Domain to Seize Bad Mortgages

Richmond, California’s leaders approved a controversial plan earlier this month to become the first municipality in the nation to use eminent domain to rid itself of underwater mortgages. The plan was approved by the Richmond...more

Mortgage Banking Industry Fights Use of Eminent Domain To Seize Underwater Mortgage Loans

In the aftermath of the foreclosure crisis, a number of local governments are weighing whether to use the power of eminent domain to assist homeowners struggling with underwater mortgages held by lenders who have issued...more

California Municipality Approves Mortgage Seizure Plan

The City Council of Richmond, California recently approved a plan that would allow the city to seize mortgages in which the remaining mortgage balance exceeds the property value by using eminent domain, making it the first...more

Federal Court Halts Lender Underwater Mortgages Lawsuit Against Richmond

On September 12, the City of Richmond caught a small reprieve with respect to its plan to condemn underwater mortgages. As reported by Reuters, the federal district court ruled that the lawsuit filed by lenders Wells Fargo,...more

Showdown in the Richmond: The City of Richmond Threatens Eminent Domain on Underwater Loans

BREAKING NEWS: In a contentious 4-3 decision and amid more than 300 community members on both sides of the issue, the City Council for the City of Richmond voted to continue pursuing its eminent domain plan in the early...more

The City of Richmond Remains Undeterred in its Quest to Condemn Underwater Mortgages

Despite three major banks filing federal lawsuits against the City of Richmond last month related to its plan to condemn underwater mortgages, the City continues to press on. On Tuesday, the City voted 4-3 to continue its...more

New Filings Reinforce the Need to Stop Eminent Domain Mortgage Seizure Scheme in Richmond, CA

Materials illustrate the damage the scheme would inflict on millions of savers and retirees and the Richmond and U.S. housing markets - San Francisco, CA – Important new documents were filed today in the lawsuit to...more

City attempting to seize underwater mortgages via eminent domain: constitutional objections, potential investor losses

The City of Richmond, California has commenced the process for taking by eminent domain hundreds of notes secured by mortgages on underwater residential properties owned by investors through residential mortgage backed...more

Planned Use of Eminent Domain Powers to Condemn Underwater Mortgages Faces Uncertain Constitutional Outcome

Amidst reports of rising home prices throughout California and fears of a new housing bubble, controversial plans floated by California cities to deal with the lingering effects of the mortgage meltdown by invoking their...more

Lenders React to Richmond's Plan to Condemn Mortgages by Filing Suit

We all knew this was coming (see my post from July 23). If you poke a sleeping giant, it's going to file a lawsuit against you in federal court. Yesterday, in response to the City of Richmond's preliminary actions to...more

Bibbidi Bobbidi Boo: Eminent Domain Needs More Than a Magic Wand to Overcome Title Defects

Oh, if it only were that easy. A city seizes “underwater” residential mortgage loans through eminent domain, waves its magic wand, says Abracadabra or Bibbidi Bobbidi Boo, and then the mortgage lien of the prior loan holder...more

Municipalities Continue to Advance Plans to Use Eminent Domain to Seize Underwater Residential Mortgages

A number of industry groups1 (the “Industry Groups”) raised concerns recently when Mortgage Resolution Partners (“MRP”) entered into contracts with two additional municipalities to formalize the use of eminent domain programs...more

Stanislaus County Moving Forward with Claribel Road Project

After two years of negotiating with residential property owners, the Stanislaus County Board of Supervisors approved acquisition of the property by eminent domain. The Modesto Bee reports that the board approved the...more

No Marriage for Mortgage Resolution Partners Yet (But Proposal Still Being Considered)

Last summer, we at Crunched Credit wrote (here, here and here) about Mortgage Resolution Partner’s (“MRP”), a San Francisco-based venture-capital firm, proposal whereby underwater performing residential mortgage loans held in...more

Left Out in the Cold: New Jersey Court Holds Condemning Authority Not Required to Negotiate with Lenders in Eminent Domain...

Early last month, in Borough of Merchantville v. Malik & Son, LLC, 429 N.J. Super. 416 (App. Div. 2013), the New Jersey appellate court held that a condemning authority, under the State’s eminent domain law, was not required...more

More Reports on San Bernardino's Decision to Abandon Underwater Mortgage Eminent Domain Plan

Given how much publicity the proposal to condemn underwater mortgages received when it first appeared last summer, I suppose it's not surprising that San Bernardino's decision last week not to move forward has also garnered a...more

San Bernardino Not Moving Forward with Proposed Plan to Condemn Underwater Mortgages

For the better part of a year, we've been writing about the controversial proposal to use the power of eminent domain to condemn underwater mortgages, allowing homeowners to have a new loan that better reflects the underlying...more

Big Year For Published Eminent Domain Decisions

Originally Published in Daily Journal, January 15, 2013. As we look back on 2012, federal funds continued to make their way to local projects and shovels continued to break ground for infrastructure projects. This led to...more

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