Perspective
Sep. 7, 2013
Did Richmond expect a thank you note?
Little wonder that investors are concerned about buying Richmond bonds when the city has demonstrated its contempt for private secured financings and asset-backed securitizations. By Laurence E. Platt
Fixed income investors recently elected not to purchase municipal bonds that the city of Richmond had issued to refinance its debt, according to press reports. While concerns over rising interest rates and declining credit quality may explain the lack of investor appetite, Richmond's recent decision to seize residential mortgage loans from private mortgage securitization trusts through eminent domain also may be a factor. As Gomer Pyle us...
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