City attempting to seize underwater mortgages via eminent domain: constitutional objections, potential investor losses
By Paul J Hall, Isabelle Ord and Charles L Deem
The city of Richmond, California has commenced the process for taking by eminent domain hundreds of notes secured by mortgages on underwater residential properties owned by investors through residential mortgage backed securities (RMBS).
This is the first time a government entity has implemented a novel concept that some law professors and a for-profit company have been advocating and shopping to many local governments as a solution to the mortgage crisis.
Rather than waiting to defend individual eminent domain actions in state court, last week bank trustees of many RMBS sued in federal court in San Francisco to stop the city’s seizure programme…
If you are registered and logged in to the site, click on the link below to read the rest of the DLA Piper briefing. If not, please register or sign in with your details below.
News from DLA Piper
News from The Lawyer
Briefings from DLA Piper
Real estate has a lifecycle from site identification, through planning, development funding and construction, to occupation, use and eventual sale.
We asked people across the European real-estate industry a series of questions about trends in sustainability, green certification and documentation.
Analysis from The Lawyer
The fragile refinance market is back in rude health and US-style alternative lenders are stepping up with innovative structures to sustain the recovery
The Lawyer’s latest Top 50 litigation firms list shows that business for dispute specialists is roaring along while new in-depth detail reveals the winning strategies