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"The city council voted at about 2 a.m. yesterday to move forward with a program to reduce the principal on troubled mortgages. Under the plan proposed by Steven Gluckstern’s Mortgage Resolution Partners LLC, the city would seize the loans and refinance them, providing borrowers with built-in equity, to avert foreclosures.

San Francisco-based Mortgage Resolution Partners would provide services and arrange for private investment funds that would profit by buying the loans for less than property values."



Holy crap...Steven Gluckstern, his partners, and the Richmond city council should be shot.

If this goes through, every bank in the nation should stop doing business in Richmond.

Every bank in the nation WILL stop doing business in Richmond, and anybody who benefits from this will most likely never qualify for another mortgage again.

Detroit will do the same thing.

A city has the power/authority to do that?

Oh.. gee sneaking around in the middle of the night to pass banking legislation
Kinda like when congress did that in 1913 to allow their buddies to take over our banking system
The Federal Reserve Act / Not Federal / Privately owned banks now running America

Gee...
Now if only our congress could sneak around some night and repeal the Federal Reserve Act and take back our financial system from the criminals who run it today