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City pushes eminent domain to seize Wells Fargo mortgages
Richmond California mayor Gayle McLaughlin and allies confront Wells Fargo in San Francisco urging the bank to drop a suit opposing the city’s plan to use eminent domain to seize hundreds of underwater mortgages. The proposal, developed with Mortgage Resolution Partners, would allow the city to buy loans at a discount and refinance with new terms. Federal regulators warn the plan threatens mortgage markets.
MENTIONED IN THIS ARTICLE
San Francisco
Richmond
Calif
Wells Fargo Bank
Wells Fargo
Gayle McLaughlin
McLaughlin
Federal Housing Finance
United States
Newark
N.J
North Las Vegas
Név
el Monte
Seattle
Cornell University Law School
Robert Hockett
Mortgage Resolution Partners
Green Party
Stockton
Detroit
Wall Street
Federal Housing Finance Agency
Fannie Mae
Freie Mac
Federal Home Loan Banks
Tim Cameron
Washington, D.C
Securities Industry and Financial Markets Association
Cameron
Ricardo Davis
Johan Smith
SAN Francisco Chronicle