Missouri Bankers Seek To Overturn Foreclosure Ordinance

Posted by Orb Staff on March 08, 2013 No Comments
Categories : Mortgage Servicing

13434_judicial5 Missouri Bankers Seek To Overturn Foreclosure Ordinance The Missouri Bankers Association is seeking to block a newly passed St. Louis municipal ordinance that requires lenders to meet with distressed homeowners and find a solution to keep them from being evicted.

KMOX.com reports that Circuit Judge Robert Dierker issued a temporary freeze on the ordinance in order to accommodate a March 20 hearing on its legality. The bankers claim that the ordinance will have a negative impact on the local housing market, while the St. Louis government says that it will give homeowners a better chance of meeting with lenders in order to avoid eviction.

Judge Dierker says that he would consider this case based on whether it serves the public interest or would create ‘irreparable harm’ to the local economy.

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