Bank ‘walkaways’ can leave properties in ‘legal limbo’

News

Bank ‘walkaways’ can leave properties in ‘legal limbo’

Norwalk Reflector – After a bureau of the U.S. Treasury Department released new guidelines that amount to a free pass for banks to abandon foreclosed homes — fostering crime and leaving local taxpayers on the hook — U.S. Sen. Sherrod Brown (D-OH) called for tougher standards to prevent the needless evictions of Ohio families and to forestall neighborhood blight.

“Too many Wall Street banks are walking away from too many Ohio Main Street communities,” Brown said. “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 banks’ irresponsibility.

Roland Tkach, Huron County auditor, said this sort of thing happens locally.

Read the whole article »