Group urges Richmond City Council to end MRP eminent domain scheme

Stop Investor Greed, a Richmond-based group fighting plans by the Richmond City Council to allow Mortgage Resolution Partners and Wall Street Bankers to take underwater mortgages from homeowners in that city ask Richmond residents to attend the City Council meeting, Tuesday, May 20, to speak in favor of ending that city’s contract with MRP.

The Richmond City Council is scheduled to decide tomorrow night whether to end a contract with Mortgage Resolution Partners (MRP). The vote could end the risky and self-defeating proposal to use eminent domain to acquire and refinance mortgages in Richmond. Please join us tomorrow at City Hall to encourage the council to take this necessary action.

With Richmond facing a projected operating deficit of 20 million dollars, we need to end this contract and move on. Approaching almost a year, MRP’s eminent domain scheme has yet to help a single homeowner. Considering the plan has already cost the city financially, it is time for the council to focus on other issues and explore other programs that could better assist homeowners struggling to pay their mortgages.

Help encourage city council members to terminate the contract with MRP. Join us tomorrow night at 8PM to end the risky eminent domain scheme once and for all.

What: Vote to terminate MRP Contract
When: May 20th 8PM
Where: Council Chambers, 450 Civic Center Plaza

Halfway To Concord has covered Richmond’s plan to employ eminent domain abuse against its homeowners since August 2013. Click on the link for more detail about the flawed Richmond plan.

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  1. Ted Hudacko says

    Although the Eminent Domain plan was at least partially well-intentioned (to provide relief to distressed borrowers or at least publicly-promulgated as such), backers of the plan have consistently downplayed the aspects of self-dealing cronyism and unintended economic consequences that will result should the ill-conceived plan proceed. The Stop Investor Greed group on one hand has been correct to object to this misapplication of E.D. action but on the other hand has been less than forthcoming about its own motivations. Stop Investor Greed promotes the interests of realtors and mortgage lenders, NOT homeowners or mortgagors (borrowers).

    The proper remedy of Quiet Title has been available all along but neither the Richmond ‘progressives’ nor the realtors and bankers have educated the people of Richmond about it. Kudos to Halfway to Concord which was alone in covering back in Dec. 2013.

    H2C’s detailed article interviewed leading experts and cited the Glaski v. Bank of America decision favorable to quiet title litigants against banks that made late assignment of title to the trust instruments, invalidating the banks’ claim on the deed and therefore right to foreclose. Bank of America (and four other banks), rather than appealing the Glaski decision, instead had asked the California Supreme to take the outrageous action of depublishing it so that it could not be cited by other litigants seeking to stop foreclosure or pursuing Quiet Title against their lenders.

    On Feb. 26, 2014, the California Supreme Court rejected BoA’s request and ruled to permit the publication of Glaski.

    Questions remain why neither the ‘progressive’ Richmond politicians nor the ‘Stop Investor Greed’ (realtors and bankers) have remained mum about Glaski and the floodgates that it opens for individual Quiet Title actions to bring about true relief to distressed borrowers without creating financial and legal liabilities for the City of Richmond.