Mass. judge upholds anti-foreclosure ordinances

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Mass. judge upholds anti-foreclosure ordinances

Mass. judge upholds anti-foreclosure ordinances

Business Week-

A federal judge on Tuesday upheld two Springfield anti-foreclosure ordinances, ruling against six banks that sought to overturn the regulations.

U.S. District Judge Michael Ponsor dismissed a lawsuit filed by the banks, finding that the ordinances do not violate any state law or the U.S. Constitution.

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

Advocates said the measures will help people stay in their homes and fight urban blight.

[BUSINESS WEEK]

Ruling below courtesy of MassLive

[ipaper docId=99036543 access_key=key-29ov1szagbhnn65scfk3 height=600 width=600 /]

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One Response to “Mass. judge upholds anti-foreclosure ordinances”

  1. dani says:

    FIANLLY ONE HONEST JUDGE THAT UNDERSTAND THE BANKSTERS GAME&FRAUD AGINST HOMEOWNERS AND TOOK A STAND FOR FAIRNESS.ITS TIME THE BANKSTERS STOP TELLING HOMEOWNERS LIES AND SIT THEIR ASS AND GIVE HOMEOWNERS REAL MODIFICATIONS ON THIS LOANS

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