Number
141900
Version
SUBSTITUTE 2
Reference
Sponsor
ALD. BAUMAN, BOHL, MURPHY AND KOVAC
Title
A substitute ordinance relating to registration requirements applicable to financial institutions and mortgage servicers.
Sections
200-22.5 rc
200-22.6 cr
200-33-46.5 cr
200-33-47-a am
200-33-47-b am
Analysis
Currently, mortgagees pending foreclosure are required to register, inspect, secure and maintain their properties. This ordinance clarifies and consolidates various code provisions concerning the registration of residential properties pending foreclosure and creates a registry for mortgage loans in default.
This ordinance also creates code provisions to:
1. Identify properties and owners at risk for foreclosure, at risk of being non-code compliant and at risk of or in abandonment.
2. Identify properties experiencing disinvestment or lack of maintenance and repair.
3. Provide opportunity for connecting owners of properties in or at risk of mortgage loan default to information, programs and resources to help them to remain in ownership or to maintain or repair their properties.
The new registration requirements for residential mortgage loans in default are largely the same as the existing provisions for mortgages pending foreclosure, including registration fees.
Body
Whereas, Cities, counties and states across the United States have successfully implemented regulations relating to the registration of residential mortgage loans in foreclosure and default, including the city of Jacksonville and unincorporated Lee County in Florida; Easton, Pennsylvania; Los Angeles, California; and the State of New York; and
Whereas, To promote and retain ownership and occupancy of property in the city, to reduce blight and disinvestment in neighborhoods, and to maintain residential property values and assessments, it is declared a matter of public policy and an exercise of the city’s police power that a mortgagee of a residential property who initiates for...
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