Pressure On Sour-Loan-Holding Lenders To Cough Up Repair Cash Continues As Code Violations In Multi-Unit Apartment Buildings In Foreclosure Stack Up

In New York City, The Wall Street Journal reports:

• Housing advocacy groups and the Bloomberg administration are asking bank regulators for help in fixing up deteriorating apartment buildings. Advocates say that hundreds of buildings in New York City are falling into disrepair because their owners took on too much debt to buy them in the boom years leading up to the recession.
• With many of these properties now in foreclosure proceedings and building-code violations stacking up, banks and other debtholders will help decide their future.
• Housing advocates, who used to target landlords and opportunistic buyers to fix up aging buildings, have been pressuring lenders in recent months to sell troubled mortgages at discounts so the new owners will be able to afford repairs. They've also been pressuring lenders to fix up properties themselves.

For more, see Tenants Turn to Lenders to Repair Buildings.