City Councilors in Springfield Massachusetts Monday night will consider changing a foreclosure ordinance to settle a lawsuit by several banks.
The change would exempt banks from having to post a $10,000 bond to secure and maintain foreclosed vacant property, if other conditions are met, including hiring a local property manager. A mediation program to help people at risk of losing their homes to foreclosure would be implemented. City Council Vice President Bud Williams said implementation of the ordinance has been blocked since it was passed almost two years ago.
Community activists oppose the changes, which they call loopholes to benefit the banks.