Yes, it's moronic the way the City of L.A. is trying desperately to collect revenues from the depressed real estate market. I agree with you some lenders may want to file a law suit against the city in response to this tactics.

I haven't done any registrations but will start filling out the paperwork just in case the clients approve the registration. Let's see what's next.

Just watch this video:

http://abclocal.go.com/kabc/story?section=news/local/los_angeles&id=7455797

Everyone wants to take the banks to task for the disrepair of all the foreclosed homes but I'm sure the majority of you probably see the same thing I see and that is: by the time we get them the homes are already wasted. They're beating the wrong dead horse.
Of course, that's not the real point now is it? The real point is contained in the last line of that article. This ordinance and those like it are just a "fundraiser". It's of no consequence to them that the property deteriorated under the watch of the former owner. It's always someone else's fault...

This new law is so ridiculous!!! We can not register the properties if the bank does not provide us with the paperwork when they filed the first NOD. Fundraiser is not the word, Greed is the word here for these politicians.

The real capper here is that no one should be registering (or responsible for) a property they don't own yet. Regardless of whether the loan holder/servicer is a bank or some other type of entity. What if the "lender" was a senior citizen holding the note on a seller carry back?

The nightmare for the REO lenders in the City Of The Angels is in its REM mode.

http://latimesblogs.latimes.com/lanow/20...ions.html?lanow

If link does not work, please cut and paste.