Oakland may force banks to care for rundown properties

May 8, 2012 4:48:28 PM PDT
Oakland's City Council is considering an ordinance that would force banks to take care of properties that may be headed to foreclosure even if they don't own the home yet.

One house on 79th avenue is a poster child of the measure. The owner has fallen behind on the loan and abandoned the home, but the bank hasn't foreclosed on it.

Under the proposed measure, the bank would still have to upkeep the property.

Chicago is being sued by the Federal Housing Finance Agency for implementing a similar ordinance.

Two years ago, Oakland passed a measure that forces banks to register and maintain foreclosed properties.