Volume 2014 - Number 47
December 12, 2014
San Francisco Puts Eminent-Domain Talks on Hold Pending Results of a Study of ‘Joint Powers Authority’
The City of San Francisco has delayed a proposed partnership with Richmond, CA, to use eminent-domain authority to forcibly acquire distressed mortgages out of non-agency securitization trusts, opting instead to study the impact of such an agreement as well as other alternatives to assist underwater homeowners. Opposition by the San Francisco City Controller and the mortgage banking industry has forced John Avalos, a member of the city’s Board of Supervisors, to scale back his partnership proposal. Avalos laid out...
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This weekly covers the secondary mortgage market, including mortgage-backed securities and asset-backed securities.
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