from housing wire.........
"The Chicago ordinance passed last week on vacant house upkeep could restrict lending in the city and other areas impacted by similar laws if lenders, mortgage assignees and securitizers conclude they end up assuming too much risk, according to Moody's Investors Service.
The ordinance passed by Chicago's City Council would force lenders to pay for maintenance on vacant properties, even leaving them open to having to pay for upkeep before they officially own the property, Moody's said.
The ordinance changes the definition of a property owner to include the financial institution with an interest in the home. In other words, lenders and other businesses that are party to the loan can be dragged into the ownership pool and required to mow lawns, oversee risks on the property and shovel snow, among other duties"..............READ MORE
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