Wells Fargo, Others Lose Bid To Block Mortgage-Seizure Plan

Law360, New York (September 17, 2013, 4:19 PM ET) -- A California federal judge Monday tossed a lawsuit filed against the city of Richmond by Wells Fargo Bank NA, Deutsche Bank AG and Bank of New York Mellon Corp., saying that the banks' challenge to the city's controversial eminent domain initiative was premature.

U.S. District Judge Charles R. Breyer dismissed the banks' suit without prejudice, saying that until the city of Richmond sues any of the banks to seize an underwater mortgage, they could not continue their challenge to its plan to prevent foreclosures and evictions...
To view the full article, register now.