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Richmond urges judge to toss bondholder lawsuit

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According to Reuters, Richmond, Calif., the very city that threatened to invoke eminent domain to help struggling homeowners by seizing troubled mortgages, urged a federal judge to throw out a lawsuit by bond investors to prevent mortgage seizures from taking place.

In court filings late on Thursday, the San Francisco suburb said trustees that represent investors including BlackRock Inc and Allianz SE's Pacific Investment Management Co acted prematurely in seeking a preliminary injunction, and cannot show irreparable harm.

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 contribute to deteriorating neighborhoods, higher crime and a shrinking tax base.

Source: Reuters
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