Wednesday, July 14, 2010

Crackdown on Bank-Caused Blight Begins

With the City’s new ordinance cracking down on banks that neglect foreclosed homes going into effect last week I joined Councilman Bernard Parks in South L.A. on Saturday to let the community know how they can take action.

I proposed this ordinance to stop banks from compounding Los Angeles’ already dire foreclosure crisis by seizing homes and then neglecting them to the point that they drag down the surrounding neighborhood’s public safety, quality of life, and property values.

Take make sure banks clean up their act the ordinance imposes fines up to $100,000. The ordinance also establishes a centralized registry of foreclosed homes (and those in pre-foreclosure status) that requires banks to provide the city with a local contact person or company that can fix problems.

Anyone who sees a neglected foreclosed home should make a report by calling 311.