NY Lawmakers Push for Homeowner Bank Aid
(WSJ) — New York lawmakers are turning up the pressure on banks to speed up the number of mortgage modifications the institutions approve for delinquent borrowers.
State Sen. Jeff Klein and Brooklyn City Council member Brad Lander will announce Wednesday proposals to make home foreclosures a less attractive alternative to banks.
Proposed legislation includes introducing a fine of $100 a day for banks that don’t maintain foreclosed property and a requirement for lenders to post a bond for each vacant property. The latter is intended to ensure the city collects fees it assesses during the foreclosure period.
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