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Butchgrimes.com » We Talk Real Estate

Los Angeles City Council adopted a “responsible banking” ordinance

This will require banks doing business with the city of L.A. to disclose detailed data on loans and foreclosure activity by community.  This information is already available but is hard to find in the federal banking reports.  Even with the convienence of the  internet information can be hidden and difficult to find.  The new law would brings the information right up front on a city website that the public could search by census tract.  Now if Banks decline to provide the information they will be deemed unqualified to bid for a piece of the city’s $6 billion in deposits and pension funds.  This is great.  It’s about time we start taking action.

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