New Local Ordinances Allow Cities To Begin Belting Banks With Stiff Fees For Policing Vacant Foreclosures

The Wall Street Journal reports:

• As home foreclosures continue to rise, a growing number of local governments are imposing stiff fees on mortgage companies responsible for the vacant properties. [...] "These ordinances are popping up every single day," said Robert Klein, chief executive of Safeguard Properties in Brooklyn Heights, Ohio, which maintains vacant homes for mortgage companies nationwide. Mr. Klein said his office is tracking more than 60 local ordinances that deal with foreclosed properties. Local governments taking a tougher stand span the country, from Providence, R.I.; to Cincinnati, Ohio; to Chula Vista, Calif.

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• [Chula Vista's code-enforcement manager, Doug Leeper, who drafted his city's measure] said he has fielded inquiries about the program from about 250 communities in Arizona, California, Colorado Florida, Illinois, Missouri, Oregon and Tennessee.

For more, see Vacant-Property Fees Add to Mortgage Firms' Woes.