In a rare departure from our practice of not getting involved in judicial matters at the trial court, CBA filed an amicus brief in the U.S. District  Court last week asking the judge to grant a request for an injunction against the City of Richmond, California. The city had taken the first steps to seize mortgages by the exercise of its eminent domain authority when it sent letters to loan servicers asking them “voluntarily” to sell selected loans in portfolios at large discounts from face value.

If they refuse, the city may proceed with seizing the mortgages, reducing loan principal, and reselling the loans back into the secondary market. CBA’s brief, joined by other business associations, was ably prepared pro bono by the law firm of DLA Piper. Many thanks to DLA partners Isabelle Ord, Paul Hall, and Matt Covington for their excellent work.