Six Massachusetts banks have asked a U.S. appeals court to invalidate ordinances by the city of Springfield aimed at making banks keep foreclosed properties clean and repaired. Attorney Tani Sapirstein, who is representing the banks, said the local laws are unconstitutional and conflict with state law. One of the ordinances requires banks to post bonds of $10,000 apiece on foreclosed properties. The measures were approved after Springfield faced a wave of blighted and abandoned homes as a result of the 2008 financial crisis.

Related Summaries