Warren mayor wants banks to pay cities
Mayor Doug Franklin and other Ohio mayors are collectively urging the U.S. Justice Department to consider the damage that was done to cities like Warren in future settlements with financial institutions that carried out abusive lending practices leading to the meltdown of the U.S. housing market.
Franklin, in a letter sent last week, said the recent $13.4 billion settlement with JP Morgan Chase & Co. provided zero compensation for Ohio cities so that they can continue to carry out demolitions of abandoned homes.
He hopes the Justice Department will “consider the needs to Ohio communities” as it completes a pending settlement with Bank of America.
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