Springfield anti-foreclosure ordinances may stand, U.S. District Court judge Michael Ponsor rules
SPRINGFIELD – U.S. District Judge Michael A. Ponsor has ruled in favor of Springfield Tuesday and cleared the way for the city to implement two ordinances aimed at dealing with the mortgage foreclosure crisis.
One law requires banks to proffer a surety $10,000 bond to the city to secure and maintain any of its foreclosed, vacant properties in Springfield. The other law established a city-approved mandatory mediation for homeowners facing foreclosures. Both went on the books in December 2011 but have not been implemented due to the legal challenges.
A number of local banks including Chicopee Savings Bank, Monson Savings Bank, Country Bank for Savings, Hampden Bank, United Bank and Easthampton Savings Bank all sued in federal court contending that the city overstepped its powers.
Check out the rest here..
Copy of the ruling below…