The City Council in Bethlehem, Pa., is backing a proposal to assess strict penalties whenever a lender fails to register a foreclosed property with the city, The Morning Call newspaper reported this week.
Lenders would be fined $1,000 for first and second violations of not registering annually, $3,000 for the third, $7,000 for the fourth and $10,000 for the fifth. Council was advised that the fines not exceed $10,000, a legal threshold.
The goal of the stiff fines is to encourage more lenders to register early.
