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CA Bill To Make Lenders Keep Up Foreclosed Homes

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Apr 28, 2008 3:33 pm US/Pacific

CA Bill To Make Lenders Keep Up Foreclosed Homes

SACRAMENTO (AP) ― California lawmakers want banks and other lenders to make sure foreclosed homes don't become run down and a source of blight.

If they fail to do that, they'll face a $1,000-a-day fine under a bill that passed the state Senate on Monday.

California has one of the highest foreclosure rates in the nation. Many communities, particularly in the Central Valley, are riddled with homes that have been abandoned by buyers who could not afford their mortgage payments when they reset to higher rates.

In many cases, the vacant properties are overgrown with weeds and shrubs and have become magnets for squatters and vandals. Swimming pools often become stagnant, turning into breeding grounds for mosquitoes.

The bill by Senate President Pro Tem Don Perata also requires owners of foreclosed properties to give renters 60 days' notice before they can be evicted.

It was sent to the Assembly on a 28-10 vote after banks and mortgage companies withdrew objections that killed an earlier version of the legislation in January.

(© 2009 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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