Today’s the first day of the ABA Annual Meeting in San Francisco, so we haven’t had time to do more than scan the Complaint for Declaratory and Injunctive Relief, filed yesterday in San Francisco federal court, challenging the plans of Mortgage Resolution Partners and the City of Richmond, California to take underwater mortgages by eminent domain.
We’ll have more, but here are two initial reports:
- Investor Group Calls Richmond, Calif., Eminent Domain Plan Unconstitutional – Nick Timiraros, Wall St. Journal
- Lawsuit Challenges Richmond, CA’s Plan to Use Eminent Domain to Condemn Mortgages – lawprof Ilya Somin, Volokh Conspiracy