Banks forced to maintain foreclosed homes

October 22, 2008 5:09:39 PM PDT
Banks will face stiff fines for not maintaining foreclosed properties in Richmond.

The city council decided Wednesday to fine banks up to $1,000 per day.

The decision was in response to the large number of foreclosed homes that are left unattended and falling into disrepair.

A state law passed in July gives cities the authority to impose fines on banks neglecting their foreclosed properties.