Tag Archives: Mortgage Resolution Partners

Condeming Underwater Mortgages: Another Look at the Legality of It

OK, I’ll admit it.  A year ago I thought this whole condemnation-of-underwater-mortgages thing would die off pretty quickly.  I predicted we’d never see any large-scale condemnation effort.  So far, I’ve missed badly on the first prediction — but it remains to be seen whether I’m right on the second one. To date (unless I’ve missed something), … Continue Reading

The City of Richmond Remains Undeterred in its Quest to Condemn Underwater Mortgages

Despite three major banks filing federal lawsuits against the City of Richmond last month related to its plan to condemn underwater mortgages, the City continues to press on.  On Tuesday, the City voted 4-3 to continue its partnership with Mortgage Resolution Partners (MRP), the mastermind behind the scheme. (See articles from The Press Enterprise and Contra Costa Times.)   The council and … Continue Reading

Update: Condemnation of Underwater Mortgages Closer to Reality

It’s been a while since we focused on the whole condemnation of underwater mortgages scheme but that doesn’t mean the idea has died off.  To the contrary, apparently at least four California cities have now signed advisory agreements with Mortgage Resolution Partners.  According to the Las Vegas Sun and various other news outlets (see here and here), the … Continue Reading

More Reports on San Bernardino’s Decision to Abandon Underwater Mortgage Eminent Domain Plan

Given how much publicity the proposal to condemn underwater mortgages received when it first appeared last summer, I suppose it’s not surprising that San Bernardino’s decision last week not to move forward has also garnered a lot of attention.  Still, it’s been hard to keep up with the many articles on the subject these past few days. … Continue Reading

San Bernardino Not Moving Forward with Proposed Plan to Condemn Underwater Mortgages

For the better part of a year, we’ve been writing about the controversial proposal to use the power of eminent domain to condemn underwater mortgages, allowing homeowners to have a new loan that better reflects the underlying value of the property.  While the proposal originates from a private company, Mortgage Resolution Partners, much of the … Continue Reading

Eminent Domain and Underwater Mortgages: Federal Government to Weigh in on Proposal

This underwater mortgage / eminent domain issue does not appear to be going away any time soon.  Along with eminent domain attorneys Robert Thomas from Hawaii, Casey Pipes from Alabama, and Tom Olsen from New Jersey, I spoke last Friday at the ABA Annual Meeting in Chicago — one of the cities apparently considering the plan.  The presentation … Continue Reading

Condemnation of Underwater Mortgages: Some Feedback and Additional Observations

Over the past few days, I’ve had several conversations and have received a number of emails concerning the underwater mortgage series I posted recently. Rick Friess, one of my former colleagues, commented on the series and provided two additional sources of concern.  Because I suspect many people missed his comment, I’m copying it here: I … Continue Reading
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