A new ordinance requiring financial institutions to participate in a mediation process before proceeding with residential real estate foreclosure actions is now in effect in St. Louis County. A temporary restraining order (TRO) delayed implementation of the ordinance, but it was lifted on November 14. The judge ruled that the county had the authority to enact the ordinance.
The restraining order was issued at the request of the Missouri Bankers Association (MBA). The MBA plans to appeal this ruling, and additional pleadings are already filed in the case.