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Volume 2014 - Number 38

October 10, 2014

San Francisco Board Prepares for Litigation as It Eyes Eminent Domain for Underwater Mortgages

Supporters of using eminent domain to resolve underwater but performing non-agency mortgages succeeded in placing their proposal back on the front burner in California this week. On Tuesday, the San Francisco Board of Supervisors unanimously voted to convene in closed session later this month with the city attorney’s office for advice on “anticipated litigation relating to the potential negotiation or adoption of a joint powers agreement with the city of Richmond [CA] to establish a homeownership stabilization authority to assist homeowners with troubled mortgages.” The board opted...

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This weekly covers the secondary mortgage market, including mortgage-backed securities and asset-backed securities.

 

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