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California City Adopts Plan To Seize 'Underwater' Mortgages

Last week, the city council of Richmond in California's San Francisco Bay area voted 4 to 3 to adopt a plan crafted by Mortgage Resolution Partners that will allow the city to acquire mortgages with negative equity in an effort to revive the city's struggling housing market. The city will now...

U.S. Supreme Court Will Not Hear Case Against FDIC Ruled as Time-Barred

WASHINGTON, D.C. — (Mealey’s) The U.S. Supreme Court on Oct. 7 refused to hear an appeal of a case in which the District of Columbia Circuit U.S. Court of Appeals affirmed a federal court’s dismissal as time-barred of a borrower’s home-foreclosure suit against the Federal Deposit...

Ninth Circuit Revives HAMP Claims Against Wells Fargo

In Corvello v. Wells Fargo Bank, NA , 11-16234, 11-16242, 2013 U.S. App. LEXIS 16415 (9th Cir. Aug. 8, 2013) (a copy of the opinion can be found here ) [ an enhanced version of this opinion is available to lexis.com subscribers ], the Ninth Circuit reversed the lower Court’s dismissal of two consolidated...