Banks push harder to sideline Richmond eminent domain plan

Attorneys for banking institutions pushed back against Mortgage Resolution Partners and the City of Richmond in court records to prevent the launch of a controversial eminent domain plan this week.

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Banks push harder to sideline Richmond eminent domain plan The securities industry said that if Richmond follows through with its plan. push them out of their home. "I’m hoping that something is going to give one way or the other – either the banks work.

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The Bay Area city of Richmond is the first to push for the use of eminent domain in a plan that would see mortgages in repayment delinquency seized from lenders and investors, or rather sold at a deep discount, by the city, and then refinanced on behalf of borrowers with more affordable terms.

Eminent domain allows governments to seize private property for a public purpose. MRP’s plan for North Las Vegas was similar to its plan for Richmond, California, another city hit hard by the mortgage crisis. But Richmond may back MRP’s plan, which has prompted a lawsuit by investors holding mortgages targeted by it.

Banks push harder to sideline Richmond eminent domain plan nevada city rejects eminent domain plan for mortgages. In Richmond, investors holding mortgages targeted by the city are pressing a lawsuit through trustees Wells Fargo & Co and Deutsche Bank AG to block the city from implementing MRP’s plan, which they say would make an illegal.

Attorneys for banking institutions pushed back against Mortgage Resolution Partners and the City of Richmond in court records this week to prevent the launch of a controversial eminent domain plan.

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