Eminent Domain Suit Dismissed

As previously noted here, the city of Richmond, CA has decided to use eminent domain as a way to force lenders to, in effect, renegotiate mortgages already existing. If the lenders refused, the city would use the power of eminent domain to seize the loans and reset them at lower rates so the owners could remain in their homes. A number of lenders filed suit to block the plan by injunction. However, in the past few days a judge has dismissed the suit. HOWEVER< contrary to what supporters of the plan claim, the judge didn't dismiss on the merits of the suit. Rather, he dismissed because he felt that the events cited in the suit by the lenders had yet to come to pass, and thus, as future events that might or might not ever occur, were not presently actionable. However, I can guarantee you haven't heard the last of this issue.