Mark your calendars for next week Thursday, May 22, 2014. ALI-CLE, the good folks who put on our annual Eminent Domain and Land Valuation Litigation and Eminent Domain 101 conferences, are sponsoring the above-titled teleconference/webinar. Here's the program description:
The City of Richmond, California rattled the universe of real estate lenders, trustees, owners, bankers, investors, and insurers (particularly those of residential mortgage backed securities (“RMBS”)), when it proposed to use its eminent domain power for debt relief for homeowners with "underwater" mortgages on residential real property.More information here, including registration.Richmond’s proposal has prompted other government entities to consider the plan. They claim that using eminent domain power in this way would benefit the public by providing debt relief for homeowners and help for communities with depressed residential real estate prices. The plan, if adopted by cities and allowed by the courts, would have profound effects on the RMBS, real estate, title insurance, mortgage insurance, and securities markets.
Real estate lenders, trustees, owners, investors, insurers, and bankers are uniting in opposition to the plan, challenging it as an improper use of eminent domain and raising a number of constitutional barriers to it.
This 90-minute CLE program on using eminent domain to seize underwater mortgages will analyze Richmond’s plan, summarize the status of pending proceedings, and review the various objections to the plan.
While we have your attention: stay tuned for information on the ALI-CLE in-person eminent domain programs noted above, to be held in January/February 2015. We're in the final stages of selecting a date and venue, and will post more when it is finalized. Soon.
