Monday Morning Cup of Coffee: Ocwen settles "frustrating skirmish" with California

Zillow plans event to “hack” housing

Offers $10,000 prize for creative solutions to jumpstart market

CFPB goes after Wells Fargo, JPMorgan for mortgage kickback scheme

Mega banks will pay $35.7 million total
W S
Servicing / The Ticker

Richmond urges judge to toss bondholder lawsuit

pile of paper
/ Print / Reprints /
| Share More
/ Text Size+

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
Read full story

Recent Articles by HousingWire Staff

Comments powered by Disqus