Judge rules for California city in mortgage suitSeptember 17, 2013 @ 8:31 am
SAN FRANCISCO (AP) - A judge has dismissed a lawsuit over a Northern California city's plan to use eminent domain to seize underwater mortgages.
U.S. District Court Senior Judge Charles Breyer ruled Monday that the lawsuit was premature because the city of Richmond had not yet approved the plan.
Wells Fargo & Co., Deutsche Bank AG and The Bank of New York Mellon sued Richmond after city officials began discussing plans to use eminent domain to seize the mortgages and offer them back to homeowners at cheaper rates. The banks want to stop Richmond from seizing the loans.
John Ertman, an attorney for the banks, tells the Contra Costa Times ( http://bit.ly/18sYqNu) that the judge's ruling only postpones the day that Richmond will have to defend the eminent domain plan in court.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
Why Danny O'Neil doesn't expect to see Marshawn Lynch before September
Buses to Blame
Buses get hundreds of cars off the roads, but what happens when they get in the way?
Time for Takeoff
Get to know the Blue Angels as they arrive for Seafair today
Please login below with your Facebook, Twitter, Google+ or Disqus account. Existing MyNorthwest account holders will need to create a new Disqus account or use one of the social logins provided below. Thank you.