Springfield City Hall to Support the Passage of a Foreclosure Ordinance That Will Raise the fee on Banks from $100 to $10,000 for Every Foreclosure
Members of SEIU and No One Leaves packed the Springfield City Hall to support the passage of a foreclosure ordinance that will raise the fee on banks from $100 to $10,000 for every foreclosure in the city and require banks to negotiate with owners through city-led mediation.
This could raise a million dollars for the city and prevent future foreclosures. The ordinances need a final enactment vote (expected in August), but got unanimous support last night — nothing like a packed gallery and the sweet taste of victory!
Malcolm Chu of No One Leaves Coalition said, “This ordinance will require that they play a role in helping to solve this crisis here in Springfield.”
Amaad Rivera of Springfield City Council, Ward 6, said, “This will become precedent setting legislation that will actually make Springfield known for its pro-active stance in dealing with its problems that federal government hasn’t been able to tackle.”
Springfield has about 300 bank-owned properties –the highest of any city in MA– of which two-thirds are vacant and often not maintained.
Read more at WWLP-Springfield
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Probably end up in the courts ith a legal challenge but it is an attention-getter. That IS what is needed! Lots of attention getters. If we ever get Washington to get their head out of their – – – on the budget maybe they will have a hearing or somethin’.
Sounds like a nice idea, however, it has one basic draw back. The bank will “simply” past the cost of foreclosing onto the homeowner….duhhhhhhhhhhhhhhhhh. If these “activist” think for one second the bank will “assume” the cost of the foreclosure fee, they are grossly miscalculating the situation. The increased cost will either be passed onto the homeowner being foreclosed on or “redistributed” across the board to the customers frequenting the bank. Either way, the bank will not absorb this cost and in all likely hood will past the cost on adding a nifty profit in the process.
That’s a nice incentive for the city. It is a two way sword, 10,000 dollars is chump change when you are
drawing in hundreds of millions. That will NOT stop the fraud, only when the thieves are in fear of true
retribution such as long prison sentences AND huge fines. Plus for the foreclosures that are legal it is
penalizing those who go by the rule of law.
I see nothing here to celebrate because the action needed isn’t more money flowing into someones’
coffers but when the laws are enforced and we start seeing handcuffs.
A slap on the wrist and back to business as usual…………
I am hearing a lot about settlements and fines which are small in comparison with what they have stolen and the lives of people they have ruined???
So if these crooks are allowed to payoff the officials who should be putting them into jail for a long long time, WHO GETS THE MONEY????
I am hearing that these crooked banksters are going to have to pay back their co-conspirators who were pawning these illegally gotten promssory notes into ABS and foreign bonds [as constructed by the Fed Res & Tres Dept] ~~ BUT WHERE DOES THIS LEAVE THEIR VICTIMS WHO LOST EVERYTHING????
The so-called bailout was originally intended to help the people to stay in their homes, but actually went everywhere but their when congress got through feeding the big banksters who feed them lobby & under-the-table monies ~~ even when to GSE contracts to build things we will never use????
WAKE UP AMERICA ??? Benjamin Franklin said [I am paraphrasing] “if these select few are allowed to coin and control our monetary resouces free from the control of the people, then one day all of you will wake up and find yourselves sleeping in the streets””………very close to what he wrote and meant …..IT IS HAPPENING TODAY PEOPLE ~~~
Well folks, What I get out of this is———- They are still ALLOWING the ILLEGAL FORELOSURES,, so -o-o-o well, let’s GET IN ON THE ACTION. They just want a piece of the CAKE. They KNOW that alot of TRILLIONS were made ,,, hey guys, send some our way, and we’ll pretend to let you mediate for WHAT? a MODIFICATION?? Well, if you have been listening, SAY NO to the LOAN MOD SCAM. Just a way for you , to sign off all you’re rights? MORE GREED CHANGING HANDS.
What a Grand idea Springfield! Banks can afford $100 per foreclosure all day long but $10,000 per foreclosure begins to eat up their profits like a hungry lion. Guess there is indeed more than one way to skin a cat… lol
N0T IN FLORIDA we are drowning. in florida they do not care. we watch our property tax revenue decrease daily as we loose our homes and homes siit empty no one cares. would be nice if my county came up with that idea. we cant risk another foreclosure but the signs are posted every where
I’m with you all the way, this could well be the start of the courts in Florida getting needed funding, to hear all the back log of foreclosures also it will give the banks a long over due shock to their elicited gains, Hopefully the courts will also give home owners a fair hearing.
I am a fla resident and I will fight to the bitter end to regain what l lost in equity …………ln my home………..for myself and for all of you out there fighting the same fight!
Thank God for for Springfield and their originality.