Sen. Sherrod Brown calls for end to free pass for banks that abandon foreclosed homes

[OhioChick]

Posted: 5:25 PM

CLEVELAND - U.S. Sen. Sherrod Brown said Tuesday that guidelines released from a bureau of the U.S. Treasury Department amount to a free pass for banks that abandon foreclosed homes.

Brown called for tougher standards to prevent evictions of Ohio families and neighborhood blight.

"Too many Wall Street banks are walking away from too many Ohio Main Street communities," said Brown. "And when they do, they leave behind homes that are often vandalized and left to crumble. Ohioans are seeing their property values plummet as abandoned homes on their block or in their neighborhood are left to decay or stripped of anything of value. Meanwhile, cities and counties are left footing the bill for what the banks' irresponsibility."

Brown released a letter to the Office of the Comptroller of the Currency that urges stronger standards that he said will help keep families in their homes and help protect communities from having to pay thousands in maintenance fees on abandoned homes.

http://www.newsnet5.com/dpp/news/local_news/better_neighborhoods/senator-sherrod-brown-calls-for-end-to-free-pass-for-banks-that-abandon-foreclosed-homes

[orpupilofnature57]

1. If they made the paperwork out to Foreclose ,

they should have the responsibility of it's care after ,the tenants are evicted, and every penny has been Sucked out of it.

[truedelphi]

20. Especially given the fact that the banks have insured their risk in mortgages

And make money off foreclosures, even while saying they don't.

[xchrom]

2. Du rec. Nt

[surrealAmerican]

3. It's a big problem.

Banks need to be held to the same standards as other homeowners when it comes to upkeep, property taxes, etc.

Perhaps they'll be less eager to foreclose if they are required to assume the responsibility that comes with the house.

[DURHAM D]

4. When I saw the 60 Minutes program a few weeks back about Cleveland tearing down houses and

cleaning up neighborhoods and that former city employee was getting a lot of camera time bragging about the city spending millions of dollars to tear down those houses my first thought was "What a jackass - the banks need to be paying for the teardown - not the taxpayers of Cleveland".

The reporter completely missed the point that the wrong people were paying for the cleanup. I hope Senator Brown gets traction on this and the lenders must stop dumping their mess on stressed cities. It was the worst 60 Minutes segment ever.

[tonybgood]

16. It's happening in Middletown, OH, as well.

Not only are they trying to reduce "surplus" housing stock to drive up property values, they are using FEDERAL tax dollars for the demolitions!!!

[Kolesar]

5. That video kept pausing

Bandwidth problems...somewhere

[hughee99]

6. If banks had to take more financial responsibility for foreclosed homes

they might be more open to loan modifications so they wouldn't have to incur those costs. Given the choice between only getting half a mortgage payments for a period of time, or having to spend the same amount to keep up the property, they might be willing to make some better deals and keep more people in their houses.

[Ecumenist]

7. Amen....I live in NorthernCalifornia and you should see some of the neighborhoods.

I wanted to comment on your statement about the bank's responsibility. I completely agree with your opinion. When you hit them in their pocketbooks, they'll sit up and pay attention. Maybe, we'll start seeing people keeping their homes and hard earned bucks if your what you stated is implemented.

[sarcasmo]

8. Glad someone is speaking up.

[DCKit]

12. A Congressman from Ohio is certainly qualified to speak on this topic. nt

[ChromeFoundry]

9. They never should have gotten away with this.

There should be a movement to abandon old washing machines, dryers and refrigerators in the parking lots of these banks. Preferably in the VIP's parking spaces.

Honestly, since the homes are now owned by the County or City... sell them back to the original owners that were kicked out into the streets. The City would gain revenue and increase their tax base for years to come. Best of all, the banks would completely lose.

[JDPriestly]

11. Banks should be urged to sell them either to the previous

homeowners at reasonable prices based on the current market -- or to qualified, new first-time buyers at low prices and without mortgage insurance.

They should also be required to sell the houses to buyers within a certain period of time. This would push the cost of housing down and especially help young families.

[harun]

17. Agree but I've never seen them do anything to help young families at the expense of the

banks. Just won't happen.

[McCamy Taylor]

10. Are they trying to plight neighborhoods to drive down property values so they can foreclose

on more homes? Or are they so rich, they can afford to walk away from property?

[Devil_Fish]

13. They (the banks) are so rich they don't care about the house, or the surrounding property values.

They don't care at all. they all ready made their money.

[DaveJ]

18. Yes and Yes, IMO

The banksters know that getting rich, having economic advantage, is about both accumulating wealth and bringing down the rest so that they seem even richer in comparison.

[girl gone mad]

14. Timmy is not going to be happy.

Up next on the Two Minutes Hate: Sherrod Brown.

[sarcasmo]

15. I really think they should be forced to negotiate with the current home owner and forced to drop

the loan to current market value. The homeowners are taking the biggest hit in this nightmare, push some of the hit to the bankers.

[FedUp_Queer]

19. Is this the same Sherrod Brown

Who voted in favor of indefinite detention of American citizens?

[Liberal_Stalwart71]

21. He's desperate now. I hope the people of MA do not fall for his shenanigans! Look at his record...

not his rhetoric!!