The city council of Springfield, Massachusetts recently approved ordinances relating to (i) mortgagee and securitization trustee liability for the maintenance of vacant residential real property or real property in foreclosure (the “Springfield Liability Ordinance”)1 and (ii) mandatory mediation programs between “creditors” and borrowers (the “Springfield Mediation Ordinance”).2 Similarly, the city council of Chicago, Illinois also passed a substitute ordinance relating to mortgagee and trustee duties for the maintenance of vacant properties (the “Chicago Ordinance”)3 and has recently referred two additional substitute ordinances relating to the maintenance of vacant properties to its Committee on Housing and Real Estate for consideration to alleviate compliance concerns raised by the Chicago Ordinance.4 This DechertOnPoint will provide a brief overview of these ordinances and the issues they raise for securitizations.
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