Stories you shouldn’t miss:
1. Wells Fargo and Deutsche Bank sued the City of Richmond, contending that its plan to help homeowners who are underwater on their mortgages is illegal, the SacBee$ reports. Last month, Richmond launched its groundbreaking anti-foreclosure program, which seeks to use eminent domain powers to seize mortgages in which homeowners owe more than the property is worth, and then lower the monthly payments so property owners can stay in their homes. But the banks vigorously oppose the program because it will cut into their profits.