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Wall Street sues California city looking to bail out homeowners

15.08.2013 02:11

A city in California has become ground zero in a battle with mortgage lenders and now the federal government in its push to implement a radical new plan to assist homeowners who cannot meet the terms of their loans.

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Comments (10) Sort by: Highest rating Oldest first Newest first

 

Jason Myers 26.08.2013 04:57

You can search YouTube for "Richmond, CA: Buyer Beware"

 

Jason Myers 26.08.2013 04:56

I suggested that Richmond enact eminent domain on my former home which was being used unofficially and illegally as a catch basin to the city's stormwater infrastructure.

Bill Lindsay, the city manager, seemed confused by the concept.


 

A Thinker 19.08.2013 15:43

And where is Obama, our "save the middle class" president on this?

 

sewhite333 18.08.2013 00:36

Richmond California should counter-sue Wall Street for fraud, extortion and high treason! The whole country (besides the evil rich people) is standing behind you and you shall make history! Thank you for your bravery!

 

Roberta Bebko 17.08.2013 11:17

I don't think that it is that big of a deal for the mortgage lenders to accept. They do that in short sales now and have for years.

 

Graeme Taylor 16.08.2013 22:46

Wall St will fall eventually; and good riddens

 

Yatin R. Vora 15.08.2013 13:45

This is a great strategy by the City. The mortgage holders will now have to decide whether to fight orodify the mortgages with principal write down. The very possibility that they might lose will be a disaster, better not to fight and begin to write down the principal!!!!

 

Yatin R. Vora 15.08.2013 13:37

Remember the use of eminent domain used in Boston, I think, where the city took private land and gave it to a developer for shopping center? The US Supreme Court upheld this concept the project falls under "Public use". It benefited the developers then.
This concept is now being used for the benefit of home owners against the mortgage holders. Well done, Supreme Court. It is now a precedent.

 

RTM 15.08.2013 12:37

"According to the lawsuit, Richmond’s program could potentially cost investors losses of $200 or more. "

Uh.. . "$200" is a typo, right?

 

Colin Shorey 15.08.2013 09:44

They ar so quick this lot to make a problem worse.Do the right thing and sort it out.This is where UK can be proud and did not allow the same thing like Spain .

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