Judge hears challenge to Springfield foreclosures

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Judge hears challenge to Springfield foreclosures

Judge hears challenge to Springfield foreclosures

A federal judge has heard arguments in a lawsuit by six banks seeking to overturn two anti-foreclosure ordinances in Springfield.


CBS 3-

U.S. District Judge Michael Ponsor did not immediately rule Wednesday after hearing arguments from lawyers representing the banks and the city of Springfield.

The banks sued after the Springfield City Council passed the ordinances last summer. One would require mortgage lenders to engage in mediation with homeowners facing foreclosure or face a $300 per day fine. The other would require lenders to put up a $10,000 bond to secure and maintain their foreclosed and vacant properties.

[CBS 3]

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