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Regulatory Takings and Executive Power to Seize Property
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
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
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
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
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
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
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
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
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
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
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
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
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