Eminent domain plan targets homes with equity, banks say

09/3/2013 | Housing Wire

Wells Fargo and Deutsche Bank took to court filings last week in their efforts to derail the plan by Mortgage Resolution Partners and the city of Richmond, Calif., to use eminent domain on underwater mortgages. In one filing, investments and structured finance expert Phillip Burnaman said 31% of the 624 loans targeted are not underwater and that an additional 43% are underwater but still current.

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