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O’Melveny’s Memo Questioning Legality of California Eminent Domain Proposal Referenced in California Lawyer

September 11, 2012

A July 17, 2012, legal memorandum authored by O’Melveny & Myers LLP lawyers on behalf of the Securities Industry and Financial Markets Association (SIFMA) analyzing the legality of the use of eminent domain to acquire underwater mortgage loans was referenced in the September 7, 2012, California Lawyer article "Desperate Measures." The article recapped the events leading up to San Bernardino’s current plan to use eminent domain, the likelihood of litigation with mortgage investors, and the role the legal memorandum may play in the outcome.