‘It’s our community that’s at stake here,’ Richmond Mayor gayle mclaughlin said, noting the eminent domain plan is needed to help the city of 106,500, on the eastern shore of San Francisco Bay.
Richmond became the first California city last week to move forward on a plan that has been floated by other California municipalities to ask big bank lenders to sell underwater mortgage loans at a discount to the city (if the owner consents), and seize those homes through eminent domain if the banks refuse. The city has committed to.
Judge rules Morgan Stanley discrimination lawsuit can proceed Just last March, for example, Morgan Stanley Dean Witter & Co. agreed to settle a discrimination. Moreover, judges are increasingly ready to penalize companies they think haven’t done enough to.
Banks push harder to sideline richmond eminent domain plan Articles written by HousingWire Staff are non-bylined, and typically involve press release coverage and aggregation of coverage appearing. The ARRL Letter March 05, 2015. added by wa0khp 1535 days ago..
OCC: Number of loans in foreclosure reaches a three-year low While blacks and Hispanics were three and two times as likely to receive subprime loans, respectively, black-owned banks that primarily serve black and low-income communities. trends including fair.
Richmond, California Backs Plan To Use Eminent Domain To Help Underwater Borrowers. The eminent domain plan had been disclosed to the U.S. municipal bond market. While housing advocates urged support for the plan, realtor jeffrey wright warned that going through with eminent domain could prompt a clampdown in mortgage lending in Richmond or push up mortgage interest rates in the city of about 104,000 residents.
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.
Households likely to deleverage debt with underwater mortgage defaults: Report debt. The share of adults aged 20-39 with student loan debt soared from 22 percent in 2001 to 39 percent in 2013, while the average amount that borrowers owed jumped from $17,000 to $30,000 in real terms. Although student loan payments should not limit the homeownership options of.
Mortgage fraud risk rises as jumbos attract more attention Mortgage fraud against lenders Page 4 A thematic review of lenders’ systems and controls to detect and prevent mortgage fraud 7. It is noticeable that some lenders’ systems and controls may be adequate for their current levels of business but they are not sufficiently forward-looking to
June 29–RICHMOND– The Virginia Department of Transportation won. Joe Waldo, a Norfolk attorney who represents land owners in eminent domain cases, said a number of his clients complained about.
Eric Angstadt, deputy director of the city’s Community and Economic Development Agency, said that the city has chosen to not contact property owners because it hasn’t compiled a comprehensive plan for.