Richmond’s city council voted 4 to 3 for Mayor Gayle McLaughlin’s proposal for city staff to. would hold votes to seize mortgages by eminent domain if necessary. That would require a supermajority.
Gayle McLaughlin (born 1952) is an American politician from Richmond, California.She was first elected to the Richmond City Council in 2004 when she was a member of the Green Party of California.She won two consecutive four-year terms as the city’s mayor in 2006 and 2010. After reaching the mayoral term limit, she won re-election to the City Council in 2014.
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 on a.
It’s official: All 50 state AGs to review foreclosures (Sidebar: Gary writes, "Furthermore, false appraisals rose 50% in 2009 from 2008. The tax credit for first-time homebuyers cost taxpayers about $15 billion, twice the official. on foreclosures..
In the event servicers and investors are unwilling to participate, then the municipality would seize the loans (with compensation to the owners) using eminent domain. The north las vegas city Council last week rejected the proposal, which was brought by Mortgage Resolution Partners (MRP), by a 5-0 vote.
Investors holding mortgages at issue in Richmond sued the city through. staff and MRP to resolve legal issues. The proposal also confirms the city council would need to vote to seize mortgages by.
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Very early Wednesday morning, the city council in Richmond, California, narrowly voted to move forward with a plan to aid underwater homeowners. It’s a plan so controversial that everyone from.
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Backers of a controversial proposal that would allow eminent domain to be used to help refinance underwater. Two federal lawsuits, one in California regarding the actions of Richmond’s city council.
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By Wayne Lusvardi. A majority of the Richmond City Council still wants to use eminent domain powers to to seize "underwater mortgages" even though the bond market refused to sell $34 million in municipal bonds for the city last year due to Richmond officials’ interest in the novel proposal.
Irvington is the second municipality in the country to declare its intent to use eminent domain to purchase homes in foreclosure, behind Richmond. city is performing a legal study of the proposal..