NY regulators: 11 banks, mortgage companies, credit unions agree to monitor vacant properties

Lifestyle and Budget Associated Press

New York regulators say 11 lenders have agreed to regularly monitor and maintain vacant properties in an effort to combat neighborhood blight.

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The Department of Financial Services says Monday the banks, mortgage companies, and credit unions represent nearly 70 percent of the New York market and will adopt practices to limit the damage from so-called "zombie properties."

They will check within 60 days any properties that are delinquent on loans to determine if they are abandoned, make sure that they are maintained and report them to a list the department plans to maintain and share with municipal authorities.

The 11 are Wells Fargo, Bank of America, Citi Mortgage, Ocwen, Nationstar, PHH, Green Tree Servicing, Astoria Bank, Bethpage Federal Credit Union, M&T Bank and Ridgewood Savings Bank.