News & Analysis as of

Redevelopment Wind-Down: A Few Random Thoughts

I saw a couple of California redevelopment-related stories over the past week that seemed worthy of at least a brief comment. First, a court decision involving a rather bold argument by a public agency. ...more

Real Estate Tip – Part 2: Planning Board Demands: When Are They Unconstitutional?

Koontz v. St. John’s River Water Management District 133 S.Ct. 2586 (2013) - In our last real estate tip, we saw how the U.S. Supreme Court under the Nollan and Dolan cases test conditions of approval under the 5th...more

City of Sacramento Condemning for its Kings

The City of Sacramento took another step forward on the plan for a new multi-million dollar arena for the Sacramento Kings. Last Tuesday, in a 7-2 vote, the city council passed a resolution of necessity approving the use of...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

Federal Court Dismisses Challenge To California City’s Eminent Domain Plan

On September 16, the U.S. District Court for the Northern District of California dismissed one of two suits filed recently by investors to preempt a California city’s plan to seize certain mortgages using the government’s...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

California City Votes To Pursue Eminent Domain Plan, Legal Challenge Found Not Ripe For Injunction

On September 11, the California city of Richmond reportedly voted to proceed with a plan to employ its eminent domain authority to seize certain mortgages. As previously described, the city recently demanded that owners and...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 Jersey Enacts Statutory Reforms to Eminent Domain Powers Under Local Redevelopment and Housing Law

New Jersey Governor Chris Christie recently signed into law A-3615 (the "Act"), which codifies recent New Jersey court holdings providing the state's property owners with greater procedural protections from eminent domain...more

The City of Hayward Ready for an Eminent Domain Battle, Among Others...

In July, the City of Hayward passed several resolutions of necessity to acquire property for its Interstate 880 / State Route 92 Reliever Route Project. The Project will extend Whitesell Street to provide access to State...more

Investors Sue To Preempt Locality’s Planned Seizure Of Mortgages Using Eminent Domain; FHFA Outlines Potential Responses

On August 7, trustees representing the interests of investors in mortgage backed securities filed two separate suits to halt the planned use of eminent domain by the city of Richmond, California to seize a group of mortgages....more

City of Santee Set to Commence Eminent Domain Actions

The City of Santee's Prospect Avenue Widening Project is moving forward, and because the City has not been able to secure all the necessary right of way voluntarily, the City is now poised to condemn the remaining interests...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

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

Act Quickly To Retain Eminent Domain Authority

Public and private entities in Texas that currently have the authority to exercise eminent domain — including many hospital districts, municipal hospital authorities, and county hospital authorities — will need to act quickly...more

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