UPDATE (April 9, 2013) — The City of Richmond has entered into an agreement with Mortgage Resolution Partners, regarding eminent domain. Click here to view the agreement. Click here to view the proposal. Click here to view a letter regarding the proposal from the city manager.
San Bernardino: The San Bernardino County/Ontario/Fontana Joint Powers Authority held their regularly scheduled meeting on January 24th, and announced that they will not be considering any proposals that include use of eminent domain. The decision is a big victory for CMBA and the industry, and we are pleased that the JPA put in the time and effort to fully examine the issue. Click here to read the JPA's announcement.
Salinas: The Salinas City Council held a public meeting on January 30th to discuss a proposal it has received that includes eminent domain. CMBA was at the meeting to present industry's opposition to eminent domain. The city has not continued pursuing eminent domain since.
Berkeley: The Berkeley City Council has unanimously approved a letter to county officials encouraging them to work with the city to develop a program to help homeowners using eminent domain. Again, according to press reports , the city is considering, among other proposals, a plan from the Public Banking Institute, that would have the city seize private, securitized loans. The plan assumes that many investors would not be able to 'prove' ownership and the city would then be able to seize the notes without compensation. Click here to view the letter from the city. We will update this section with any further developments.
Sacramento/Elk Grove: With the two cities considering eminent domain, CMBA provided perspective for a local news report. Click here to watch the clip. According to press reports, the neighboring cities of Sacramento and Elk Grove are now considering eminent domain proposals from Mortgage Resolution Partners.
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