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Seizing Mortgages – New Cities Show Interest in Richmond’s Eminent Domain Plan

In a previous post, we discussed the city of Richmond, California, and its failure to get a supermajority vote to move forward with its plan to seize underwater mortgages through its eminent domain power. While it failed to pass the resolution, it sought other California cities, such as San Francisco, to join a joint powers authority […]

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Seizing Mortgages – Richmond Fails to Get Supermajority Vote

The Richmond City Council has failed to obtain the supermajority of votes needed to enact its eminent domain plan to seize underwater mortgages. California eminent domain law requires five of the seven members of a city council to approve a measure to use eminent domain. Richmond could not obtain the five required votes to proceed. […]

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Seizing Mortgages – The Impact on the Financial Markets

The Richmond eminent domain plan has attracted a great deal of attention since the city first introduced it. Many approved of its purpose: to help the poor fight to keep their heads above water when their homes were so far underwater. There are many, however, who do not share this sentiment. Banks and investors are […]