A bill that would have fined lenders $1,000 a day for having an ugly REO failed in the California legislature. A growing problem of vacant, ugly, lender-owned properties has been blighting neighborhoods. While I do agree that banks have a responsibility to keep up their REO homes, I don’t think a statewide rule is the answer. Local municipalities have code enforcement rules about keeping up properties and should be the ones dealing with the problem.
February 3, 2023