Chilling Mortgage Lending, City By City

Law360, New York (November 2, 2011, 2:46 PM EDT) -- The City Council of Springfield, Mass., recently approved ordinances relating to (i) mortgagee and securitization trustee liability for the maintenance of vacant residential real property or real property in foreclosure (the “Springfield Liability Ordinance”)[1] and (ii) mandatory mediation programs between “creditors” and borrowers (the “Springfield Mediation Ordinance”).[2]

Similarly, the city council of Chicago, Ill., also passed a substitute ordinance relating to mortgagee and trustee duties for the maintenance of vacant properties (the “Chicago Ordinance”)[3] and has recently referred two additional substitute ordinances relating to the maintenance...
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