Wells Fargo Suit Over City's Mortgage Seizure Plan On Brink

Law360, San Francisco (September 12, 2013, 4:50 PM EDT) -- A California federal judge said Thursday he is inclined to dismiss a challenge by Wells Fargo Bank NA and Deutsche Bank AG to Richmond, Calif.'s controversial proposal to take underwater mortgages by eminent domain, saying he doesn't think he can rule unless Richmond's city council greenlights the plan.

Although U.S. District Court Judge Charles Breyer said he would not rule in the case until Monday, he indicated Thursday that he was likely to grant Richmond's motion to dismiss and deny the banks' bid for a preliminary...
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