The Richmond City Council voted 4 to 3 early Wednesday morning to continue pursuing the controversial plan, which could use the city’s power of eminent domain to force bondholders to sell underwater loans, allowing homeowners to restructure their mortgages.
Richmond’s city council voted 4 to 3 for Mayor Gayle McLaughlin’s proposal for city staff to work more closely with Mortgage Resolution Partners to put the plan crafted by the investor group for the city to work. Richmond can now invoke eminent domain if trusts for more than 620 delinquent and.
· The Richmond City Council voted 4 to 3 early Wednesday morning to continue pursuing the controversial plan, which could use the city’s power of eminent domain to force bondholders to sell underwater loans, allowing homeowners to restructure their mortgages.
Richmond also noted that its City Council has not yet begun to consider whether there is even a “necessity” to use eminent domain, even as surging foreclosures. and other localities considering.
The city council in Richmond, Calif., decides Tuesday whether or not the municipality will become the first in the nation to approve the use of eminent domain to seize underwater mortgages for the.
RICHMOND (AP) – A San francisco bay area city voted wednesday to try to expand a first-in-the-nation plan to use its power of eminent domain to seize hundreds of mortgages that exceed the value.
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Richmond CARES, a local group advocating for the proposal, confirmed late Tuesday that the city council voted 4-to-3 to move forward with the eminent domain initiative.
Richmond voters defy Chevron coup.. the mayor’s proposal to use eminent domain to prevent foreclosures, city councilman jael myrick addresses the audience during a city council meeting.
· The Wells Fargo lawsuit is “harassment,” and an injunction should be rejected because the city council hasn’t voted to use eminent domain, and even if it did, the banks could fight back in the court that will decide matters in the seizure proceeding, Scott Kronland, an attorney for the city, said in.
A federal judge Thursday said it would be premature to take the “extraordinary” step of halting Richmond. out that the city council would first need to schedule and vote on a “resolution of.
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