LA Gets Tough on Home Lenders That Neglect Foreclosed Homes
July 26, 2010
The Los Angeles City Council is cracking down on mortgage lenders that seize foreclosed homes and let them fall into disrepair and decay, leaving the city to pick up the tab for cleanup or demolition. Council President Eric Garcetti said the ordinance was passed to stop financial institutions from compounding LA’s dire foreclosure crisis by seizing homes and...