SAN FRANCISCO (AP) — A judge has dismissed a lawsuit over a Northern California city's plan to use eminent domain to seize underwater mortgages.
U.S. District Court Senior Judge Charles Breyer ruled Monday that the lawsuit was premature because the city of Richmond had not yet approved the plan.
Wells Fargo & Co., Deutsche Bank AG and The Bank of New York Mellon sued Richmond after city officials began discussing plans to use eminent domain to seize the mortgages and offer them back to homeowners at cheaper rates. The banks want to stop Richmond from seizing the loans.
John Ertman, an attorney for the banks, tells the Contra Costa Times (http://bit.ly/18sYqNu) that the judge's ruling only postpones the day that Richmond will have to defend the eminent domain plan in court.
Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
While the roads were looking clearer Friday morning in the Albuquerque area, appearances can be deceiving
Today's top headlines with Matt Mauro and Elizabeth Alvarez. Weather with Meteorologist Kristen Van Dyke
In nearly seven decades spent fighting for freedom and equality, Nelson Mandela inspired and challenged the world to stand up for others. As word of Mandela's death spread, current and former presidents, athletes and entertainers, and …
Four and a half years after he went to prison, former state senate leader Manny Aragon is out.
A suspected meth kingpin the FBI thought might be hiding out in New Mexico has been captured.
The popular Capulin Snow Play Area near Sandia Peak will be closed for the second year in a row.