I previously wrote about the pending federal court lawsuit brought by several banks challenging local town and city anti-foreclosure ordinances. The cases raises many interesting questions on law and public policy, and is a rare case of local state banks taking legal action to challenge anti-foreclosure laws.
Yesterday, the Boston Globe published a well written editorial by Paul McMorrow in favor of these anti-foreclosure ordinances. Mr. McMorrow raises some good arguments on this matter and is worth a read. I’ll be on the lookout for a similar editorial advocating the banks’ position in this matter.