BlackRock Bid to Block Richmond Plan Seen Too Soon by Judge

BlackRock Inc.’s request with other bondholders for a court order to block a plan by Richmond, Calif., to seize underwater mortgages through eminent domain is “not ripe,” a judge said.

U.S. District Judge Charles Breyer in San Francisco held a 40-minute hearing today on whether to order the city to halt efforts to use eminent domain to take over loans.

“If they implement the program, which would include eminent domain, then that’s the time for the court to take a look at it,” Breyer said at the start of the hearing. He said he will issue a ruling on Sept. 16 on whether to dismiss the case or put it on hold.