Banks facing eminent domain threat say loans aren't for sale

08/16/2013 | Los Angeles Times (tiered subscription model)

Richmond, Calif., recently inquired about buying more than 600 troubled mortgages and threatened to use eminent domain to seize the loans. However, the banks that provide customer service on the mortgages notified the city that the loans aren't for sale or that the banks don't have "the contractual authority to sell the loans."

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