Exclusive: Redfin’s chief economist answers 5 tough questions

Exclusive: Redfin’s chief economist answers 5 tough questions

Nationalizing the GSEs, the silver bullet for Washington policy and more

HUD: Associated Bank ‘redlining’ settlement largest ever

HUD Secretary Castro says settlement “sends a strong message”

Housing in places like New York, San Francisco fail more than just the locals

Local policies curtail worker freedoms
W S
Servicing / The Ticker

Eminent domain survives Richmond City Council opposition

judge 1

In a narrow 4-3 margin, the Richmond City Council rejected a resolution to terminate a contract with Mortgage Resolution Partners, the company that hatched a plan to seize underwater mortgages through eminent domain. Per Contra Costa Times:  

As the columnist Tom Barnidge put it in the article:

The flaws in Richmond's plan are many, beginning with whether eminent domain can even be used this way. Plus, the plan affects a limited number of homes -- barely 3 percent of single-family residences -- and helps no one in foreclosure, while MRP tacks a fee onto each transaction. Then there's the search for lenders to fund new loans at more than 100 percent of value.

This scheme to end the so-called mortgage crisis, championed by bank-hating Mayor Gayle McLaughlin, is rich in intention and short on critical thought.

Read full story

Recent Articles by Brena Swanson

Comments powered by Disqus