State financial watchdog cracking down on ‘zombie’ properties

BUFFALO, N.Y. (WIVB) – New York’s financial watchdog, the Department of Financial Services is getting tougher on banks and mortgage servicers that fail to maintain their foreclosed property, the next step in enforcing a new law.
The “Foreclosure Relief Act” took effect last December, and the DFS has launched an awareness campaign to help local governments understand how the new measure can help them crack down on “zombie” property—homes that have been fo