Watching community banks

Local leaders, residents and housing activists launched a campaign Thursday to crack down on foreclosed homes that have been allowed to deteriorate and blight their communities.Tony Castro in the Daily News.

They vowed to press authorities to enforce a new city law that would impose a $1,000-a-day fine on banks and other lenders that allow foreclosed properties to fall into disrepair.

"We are here to let the community know that they have this important tool to use against the banks," City Councilman Richard Alarc n told a news conference in front of a Pacoima home that was taken over by gang members after the bank foreclosed on the property earlier this year.