NYC Mayor Delays Ordinance

New York City Mayor Michael Bloomberg has obtained a temporary restraining order preventing the city's anti-predatory lending ordinance from taking effect as scheduled on Feb. 24th.A spokesman for the Mayor said the law, which bars the city from doing business with financial institutions that meet its definition of predatory lender, could result in the city being shut out of the bond markets and put it into "financial chaos." The law was enacted when the City Council overrode the Mayor's veto. A statement from New York City ACORN president Gloria Waldron said "our elected representatives overrode the Mayor's veto, and yet he continues to impede the implementation of this law. Does he understand what democracy means?" The suit names the city council and the city comptroller as defendants. A call to city council speaker Gifford Miller's office was not returned by Mortgage Wire's deadline.