Wednesday, June 13, 2012

Los Angeles City Council Raises Fees on Banks for Foreclosed Properties

The Los Angeles City Council has unanimously passed a motion to raise the fees banks pay on foreclosed properties. The money will go towards programs to combat urban blight and squatting in abandoned properties owned by banks. The ordinance also closes a loophole which banks were using to opt out of a previous effort the council made to force banks to clean up foreclosed properties. Pacifica's Dan Fritz files this report.