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
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