Richmond, California has been debating the feasibility of eminent domain for a while. Back in July 2014, the Richmond City Council rejected a resolution to terminate a contract with Mortgage Resolution Partners, the company that hatched a plan to seize underwater mortgages through eminent domain.
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I’m running as part of a team called Team Richmond and we’re working very hard and we’ve. or using our tool of eminent domain as a city- Winship: You’re the first city to have done that, the.
Richmond has already written to 32 banks and mortgage companies offering to purchase the mortgages on 624 homes at their underwater fair market value. Not one bank accepted the offer, leading to the vote on the eminent domain plan. In response, the banks and real estate industry have argued that such a move would be unprecedented and.
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To file a resolution of necessity using eminent domain requires a supermajority on the city council – and so far only four, not five, of Richmond’s seven council members endorse the plan. This means that Richmond must find a partner city that supports its efforts by forming a Joint Powers Authority, which will put the process in motion.