Banks push harder to sideline Richmond eminent domain plan

The fearless Gayle McLaughlin of Richmond, California, has taken on Chevron and big banks on behalf of taxpayers. Now McLaughlin's advancing a plan to use the city's eminent domain power to acquire troubled loans so.

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Thanks to the banks’ racist practice of predatory lending, households of color were particularly hard. Richmond would circumnavigate stubborn banks that refuse to refinance a borrower’s loan by.

Richmond’s city council is only one vote short of the supermajority needed to pursue the eminent domain plan, and it is seeking partners in a Joint Powers Authority that will make the push much stronger. Grassroots efforts to pursue eminent domain are also underway in a number of other cities around the country.

Indeed, our national politics are so deformed that it’s hard even to imagine. the housing market, but Richmond, California, is pushing a bold, controversial plan to take over underwater mortgages.

Obama Administration Sides With Big Banks Against Underwater Homeonwers.. Richmond is the first to push forward with the plan, also being debated in cities across the state and nation.. Executives and legal counsel for Fannie Mae and Freddie Mac also singled out the eminent domain plan.

While other local governments have considered the use of eminent domain (whereby a government seizes private property for public use) for the purpose of helping underwater homeowners, and several members of the San Francisco Board of Supervisors have expressed support for the plan, Richmond is alone in its decision to move forward.

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During my time there, organizers used expressions like “bold” and “push the envelope. [Hodges] hold those banks accountable?” In Richmond, California, the city has proposed seizing underwater.

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US Const Amend V (limiting the federal power of eminent domain). 4.. error may impede the law's development, screening off the hardest. courts at the center, not on the sideline, of some essential legal.. See Kades, 28 U Richmond.. County Regional Planning Commission v Hamilton Bank of.