The City of Richmond has sent offer letters to roughly 32 mortgage servicers and trustees requesting that it be allowed to buy underwater home loans at reduced prices. If the servicers balk, city officials say they will seek to seize the properties through eminent domain.
Calif. City Threatens to Use Eminent Domain with Underwater Mortgages
- Full access to banking's most comprehensive daily report
- Daily, weekly, and topic-based newsletters and alerts
- Award-winning analysis and insight, focused on bankers' key concerns
- Bimonthly industry research reports (including archive)
- Morning Scan Plus e‑newsletter