Volume 2014 - Number 5
February 7, 2014
Mayor of Richmond, CA, Talking to Other Mayors About the Eminent Domain Mortgage Strategy
Although the city of Richmond, CA, is still toying with the idea of using eminent domain to seize underwater mortgages out of non-agency MBS trusts, it has yet to receive final approvals to do so. Moreover, even though speculation is mounting that its partner in the controversial tactic, Mortgage Resolution Partners, might be going away, the citys mayor said she hasnt given up. In an interview with Inside MBS & ABS this week, Mayor Gayle McLaughlin noted that Eighteen elected officials I have talked to have shown an interest in the concept. Those officials include representatives from San Pablo, CA, San Francisco, and smaller cities around Los Angeles. She also has spoken with officials in Irvington and Newark, NJ. Wall Street has lobbied...
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This weekly covers the secondary mortgage market, including mortgage-backed securities and asset-backed securities.
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