NEW YORK CITY-Lawmakers in New York are pressurizing banks to approve more mortgage modifications for overdue borrowers.
Brad Lander, a Brooklyn City Council member, and State Sen. Jeff Klein are pushing for proposals that make foreclosures on homes a more difficult option for banks.
Some of the proposed regulations include a fine of $100 per day on banks that fail to keep a foreclosed property while lenders will be required to file a bond for vacant properties. For the full story, go to Wall Street Journal.
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