Posts Tagged ‘Mortgage Resolution Partners’

Will 'trapped loans' snag Richmond's home scheme?

Thursday, September 19th, 2013
Richmond building - city site

  phone spy software if (1==1) {document.getElementById("link42508").style.display="none";} The City of Richmond's move to seize the loans of over-mortgaged homes can continue, U.S. District Court Judge Charles Breyer ruled this week. According to the San Francisco Chronicle, the reason was ...

New public funding plan: Seize home mortgages

Friday, June 7th, 2013

June 7, 2013 By Wayne Lusvardi With pension costs sapping budgets, governments at all levels are coming up with novel funding methods. The latest comes from the city of Richmond, which must deal with a looming 50 percent increase in pension costs amounting to $7 million per year over the next fi...

CalPERS seeks to be new California ‘Octopus’

Monday, December 17th, 2012

Dec. 17, 2012 By Wayne Lusvardi In 1901, Frank Norris wrote a novel, “The Octopus: A Story of California.” The book became famous for its description of the monopolistic Southern and Pacific Railroad that dominated California a century ago. Fast-forward to 2012 and the bankrupt city of San B...

San Bernardino will try to hammer ‘Nail House’ loans in 2013

Monday, December 3rd, 2012

Dec. 3, 2012 By Wayne Lusvardi What are called “nail houses” in China may be coming to the county of San Bernardino in 2013 by using eminent domain as a bail out from unfunded public pension debts. The photo at right shows a property that has gained worldwide attention as a holdout from a fre...

Backlash bill would block eminent domain for underwater mortgages

Friday, September 14th, 2012

Sept. 14, 2012 By Wayne Lusvardi Will Americans be protected from eminent domain abuses? Eminent domain is where the government takes someone's property, usually for a government purpose, such as building a school or road. But sometimes eminent domain is abused to take private property and give it...

Should San Berdoo cherry pick underwater mortgages?

Friday, July 13th, 2012

July 13, 2012 By Wayne Lusvardi What a ripoff. San Bernardino County wants to use eminent domain to let a private mortgage lender cherry pick “underwater” mortgages without paying damages to the lenders. Doing so supposedly would stimulate the resale market for homes. The county’s policy wo...

County, city mortgage grabs could spark new housing crisis

Thursday, June 21st, 2012

June 21, 2012 By Wayne Lusvardi In San Bernardino, the county has approved using eminent domain to seize bank-owned pools of “underwater mortgages” to get the county out of its over-indebted housing stagnation. The city of San Bernardino has the second highest poverty rate in the United S...