Wow! A lot has happened on this topic since our July 29, 2013 post! The developments over the last six weeks are significant because one city (Richmond, California) may be close to making a decision whether to use eminent domain to acquire underwater mortgages, while another (North Las Vegas, Nevada) has decided it will not
Update: Condemnation of Underwater Mortgages
Since our last update on this topic, several events have taken place, so it’s time for another update! Last month, the Federal Reserve Bank of New York posted on its website a paper written by Robert Hockett, a professor of financial and monetary law at Cornell Law School, and a recent visiting scholar at the