Wednesday, September 11, 2013

Banks Terrified of Eminent Domain in Richmond California Neil Garfield | Livinglies's Weblog

Banks Terrified of Eminent Domain in Richmond California

The City of Richmond California has taken a step that will force the Banks to prove their loss — something that most of them can’t do. Richmond has taken final action to seize underwater mortgages whether or not they are declared to be in default. This action will result, one way or the other, in the homeowners getting mortgages that have balances equal to the fair  market value proven by the banks, whether or not they are foreclosing on the property. I first proposed this solution 6 years ago, and until now, many cities had considered it but only Richmond, CA has actually done it.

When litigation commences, the Banks will challenge the right of eminent domain, on which they will most likely lose, and then the Banks will be required to prove their loss, something they cannot do because there is no loss. The resulting disclosure of no losses to those who are foreclosing and no loss to those who are collecting will be devastating to the full court press of foreclosures and to the truthfulness of reports of ownership to government agencies initiated by Wall Street entities. . . . .

Read More:     Neil Garfield | Livinglies's Weblog

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