Monday, July 25, 2011

Banks keeping foreclosures in poor condition

From the Daily News:

Some of the nation's biggest banks have let thousands of abandoned New York City homes seized in foreclosure fall into dangerous disrepair, the Daily News has found.

Since the housing market collapsed in 2008, banks have repossessed thousands of homes in neighborhoods across the five boroughs.

Records show the city has cited hundreds of these properties for dangerous conditions such as unstable walls, vermin infestation and illegal apartments.

In case after case, big banks - including Deutsche Bank, U.S. Bank and Fannie Mae, the quasi-governmental agency that buys mortgages - have ignored city inspectors, shrugged off hearings and declined to pay fines, records show.

Queens, where the foreclosure tidal wave has rolled through entire neighborhoods, has the most bank-owned houses: 1,157 with 969 open violations, the survey found.


Anonymous said...

Barney Frank,Chris Dodd, and former HUD Director ANDREW CUOMO, please comment.

Anonymous said...

These are kept like this for a reason. The same thing was done in the 1930's. They decay, so no one can afford to buy and fix them, they get knocked down and high rises go up in 20 years.