Tagged: foreclosure

Late Wednesday afternoon Associate Circuit Judge Brenda Stith Loftin ruled that St. Louis County does have the authority to enforce a new ordinance that requires banks offer mediation to homeowners on the edge of foreclosure.

St. Louis County Counselor Pat Reddington said their central argument before the court was that they were not trying to regulate banks.

“We’re trying to protect our residents,' Reddington said.  "We argued, and the court found, that was in the kind of police power the county has.”  

A restraining order that prevents St. Louis County from enforcing a new law that would require banks to offer mediation to homeowners facing foreclosure continues this week.

St. Louis County and bankers are in the midst of a legal battle over whether or not the county has the authority to enforce the ordinance.

No matter what happens in the court case, St. Louis City Mayor Francis Slay says the city should continue to push ahead with a similar law.