Springfield Passes Tough
Anti-Foreclosure Legislation
Posted: Jul 19, 2011 3:39 PM CDTUpdated: Aug 02, 2011 3:39 PM CDT
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SPRINGFIELD, Mass. (WGGB)-- The Springfield City Council takes strong action to reduce the number of foreclosures in the city.
On Monday night, the council passed a measure which supporters say gives Springfield the toughest anti-foreclosure legislation in Massachusetts.
The strong anti-foreclosure vote by the Springfield City Council had supporters like Destry Sibley of the "No One Leaves" coalition celebrating. "I think it's a great vote, I think it's a huge success for us and I think it's going to be a really important step in the anti-foreclosure struggle," says Sibley.
The two ordinances that were passed increase requirements for foreclosing institutions.
The first requires that foreclosing banks pay a $10,000 cash bond to assist the city in securing and maintaining vacant properties. "This is way to level the balance sheets and essentially making the banks pay for the costs they're incurring on the city," says Destry Sibley.
The second ordinance requires the banks to enter into good faith mediation with homeowners before foreclosing.
The city council vote was unanimous is passing the anti-foreclosure legislation .
City Council President Jose Tosado says it is good for the community and good for families."I think it was a critical vote, I think it was the right thing for the city council to do. I couldn't be more proud of the city council for standing up," says Tosado.
Springfield ranks high on the state foreclosure list.
The latest numbers show Springfield running second only to Boston in foreclosures.
Supporters of the new anti-foreclosure legislation like City Council President Jose Tosado say the measure helps put a face on the numbers, "These are homes, these are people's lives, they're raising their kids, so I think we need to work with lending institutions in order to help people get their fair shake," says Tosado.
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