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View Diary: Can a Small California City Take on Wall Street - And Survive? (298 comments)

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  •  Richmond has contacted the loan holders. (3+ / 0-)
    Recommended by:
    coffeetalk, jpmassar, raines

    There seems to be a misunderstanding by the persons criticizing the City of Richmond over this.  

    Once again, Richmond not only knows who owns the 624 underwater loans it's targeted for eminent domain, but it has already contacted the owners of the mortgages -- the trusts to which the banks have sold the mortgages -- and offered to purchase the mortgages.

    As it stands now, the trusts/banks have thus far refused the offers, because they are far below the value on the books for the loans. They are not, however, out of line with the market value of the properties.

    Again, Richmond made these offers, knowing that this was the first step in any eminent domain process.

    Visit for Minnesota news as it happens.

    by Phoenix Woman on Sun Sep 15, 2013 at 08:03:12 PM PDT

    [ Parent ]

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