City council to vote on Richmond eminent domain proposal

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 · Richmond, CA is first municipality to use eminent domain on underwater mortgages. Richmond, California’s leaders approved a controversial plan earlier this month to become the first municipality in the nation to use eminent domain to rid itself of underwater mortgages. The plan was approved by the Richmond city council 4-3 following a long and contentious public meeting that began.

The city of Richmond, dominated by a giant. with an innovative application of eminent domain, incurring the wrath of both big banks and the Federal Housing Finance Agency (FHA). The council fell a.

sanctioned displacement, the City of Richmond, California has developed an innovative use of eminent. By using the power of eminent domain to purchase underwater mortgages developed during the. meeting, where the city held the first of many votes needed to approve. Mayor + City Council propose using eminent.

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Berkeley: The Berkeley City Council has unanimously approved a letter to county officials encouraging them to work with the city to develop a program to help homeowners using eminent domain. Again, according to press reports , the city is considering, among other proposals, a plan from the Public Banking Institute, that would have the city seize private, securitized loans.

 · City council members still need to vote on whether to move forward to let the state court seize the loans. There is no question the legal battles from bondholders and possibly the federal government will continue if Richmond moves forward with this plan. Proponents of it argue that it will prevent foreclosures and blight.

Progressives in Richmond, California, trounced Chevron on Election Day, municipal elections in Richmond, a Bay Area city of 107,000 where the company. These politicians had won a majority on the city council in 2010, after. resuming the push to use eminent domain to help struggling homeowners.

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The City Council of Richmond, Calif., rejected a challenge to the city’s proposal to seize and write down troubled mortgages, instead voting 4 to 3 to invite other local governments to join its.

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