Springfield Approves Tough Anti-Foreclosure Laws
Boston Herald News
August 23, 2011
Touted as the toughest municipal anti-foreclosure legislation in the country, Springfield City Council unanimously passed an ordinance requiring mortgage lenders to attend mediation or face a $300 fine per day. Lenders must also place a $10,000 bond to help maintain the foreclosed and vacant properties.
Advocates say “the ordinances will help more people stay in their homes, protect them from predatory lenders, and fight urban blight.” The ordinance must still be signed by the mayor but supporters from the group “Springfield No One Leaves” believe that the ordinance will survive legal challenges.