Springfield Adopts Strong Anti-Foreclosure Rules

The Springfield City Council has passed a rule that forces banks to mediate with homeowners before foreclosing on their homes. If the bank does not, they will be charged a fine of $300 per day. The Springfield City Council has also passed a second rule that makes banks put a $10,000 bond on vacant and foreclosed homes. This is being called the strongest anti-foreclosure legislation in Massachusetts. The law now awaits the mayor’s signature. For more information on this story, please visit http://www.cbs3springfield.com/story/15312309/springfield-cracks-down-on-bank-foreclosing-policies?redirected=true or http://www.businessweek.com/ap/financialnews/D9P9U45G2.htm.