Banking Giants Sue Calif. City Over Mortgage Seizure Plan

Law360, Los Angeles (August 7, 2013, 11:31 PM EDT) -- Wells Fargo Bank NA, Deutsche Bank AG and Bank of New York Mellon Corp. filed suit Wednesday seeking an order blocking the city of Richmond, Calif., and a mortgage company from seizing home loans through eminent domain, arguing the program is unconstitutional and will hurt retirees and savers.

In two similar complaints filed in California federal court, the banks, which serve as trustees for hundreds of residential mortgage-backed securities trusts, blasted Richmond's proposed mortgage seizure program, calling it an unconstitutional plan designed to enrich the city...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.