Litigation
Aug. 10, 2013
Banks sue to block city of Richmond's plan to seize underwater mortgages
Battling back against the City of Richmond's attempted use of eminent domain to seize underwater mortgages and aid homeowners, Wells Fargo Bank and Deutsche Bank on Wednesday sued the city and an investment firm to halt the plan.
By John Roemer
Daily Journal Staff Writer
Battling back against the City of Richmond's attempted use of eminent domain to seize underwater mortgages and aid homeowners, Wells Fargo Bank and Deutsche Bank on Wednesday sued the city and investment firm Mortgage Resolution Partners to try to halt the plan. In a complaint filed in San Francisco federal court, the banks' lawyers termed the plan unconstitutional and contended it will cause irreparable harm to investors in resident...
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