Richmond, CA Threatens Eminent Domain To Address Foreclosure Crisis
RICHMOND (KCBS) – Richmond city leaders were moving ahead with a plan to head off the foreclosure crisis, a plan that is not without controversy.
The city has offered to buy more than 600 underwater mortgages at below the homes’ current value.
“If they are unwilling to negotiate a sale of the loans, which we want them to do, then we will consider using eminent domain as another option to purchase these loans at fair market value,” said Richmond Mayor Gayle McLaughlin.
California officials say they ‘got every penny’ they demanded from JPMorgan for manipulative energy trades
California energy officials said today they got “every penny” they demanded in a $410 million settlement paid by JPMorgan Chase & Co. over manipulative electricity trades.
JPMorgan, in a deal announced by the Federal Energy Regulatory Commission, will cough up $124 million in profits to California ratepayers. In addition, the big bank agreed not to fight California officials over $262 million in disputed profits that had already been recouped by the state or were never paid to JPMorgan in the first place.
Here We Go Again: Step Aside RMBS, Rent-Backed Securities Are Here, And With Them The Beginning Of The End
The WSJ reports:
Two major Wall Street firms are in detailed discussions to create and sell the world’s first bond backed by home-rental payments, people familiar with the matter say.
Blackstone Group LP is in negotiations to bundle monthly rental payments on around 1,500 to 1,700 of its homes. The private-equity giant is among the firms that have spent billions buying homes out of foreclosure, an investment strategy that has helped to bolster demand and strengthen the U.S. housing market.
The bond comprised of the Blackstone homes would be structured and marketed to investors by Deutsche Bank AG, the people say.
State’s biggest foreclosure law firm fights subpoena for records Read more: State’s biggest foreclosure law firm fights subpoena for records
Colorado’s most prolific foreclosure law firm — led by attorney Larry Castle — is the latest to file a lawsuit and formally ask a Denver judge to protect its records from a state investigation into its billing practices.
The Castle Law Group filed its case late Friday in Denver District Court against Attorney General John Suthers to prevent turning over more than 700 e-mails the firm says are protected by attorney-client privilege.
Read more: State’s biggest foreclosure law firm fights subpoena for records – The Denver Post http://www.denverpost.com/breakingnews/ci_23761943/states-biggest-foreclosure-law-firm-fights-subpoena-records#ixzz2aajqQ7EE
Nationstar faces $35M suit over cancelled home loan auction
Nationstar Mortgage Holdings faces a $35 million lawsuit after backing away from plans to sell $150 million in home loans.
Truman Capital Advisors and U.S. Bank filed the suit after the firms’ winning bid for Nationstar assets was superceded by the mortgage servicer’s decision to back away from the sale. The firms are asking for compensation to cover due diligence work, research expenses and other costs incurred when the plaintiffs prepared their bid for Nationstar ($46.430.31%)mortgage assets.
It all started when Nationstar offered hundreds of residential mortgages for sale through an online auction hosted by its agent, Auction.com.