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Warren mayor wants banks to pay cities

Published: Wed, July 16, 2014 @ 10:40 a.m.


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.

For the complete story, please see Thursday's Vindicator or vindy.com


1DACOUNTRYBOY(653 comments)posted 1 year, 2 months ago

The banks are not at fault! It is the borrowers that defaulted on the loans and abandoned the houses. If the banks refused to make the loans they would have been faulted for that. Put the deadbeats in high rise government housing with a evening curfew and a lockdown until morning. Crime would be reduced and just the savings in attorney fees would pay for the construction.

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2redeye1(5264 comments)posted 1 year, 2 months ago

Typical leftist who wants to blame everyone but the ones that are responsible. The buyer's who purchased the houses. They should have look into their finances better before buying. And let's not forget it was the leftists who put the program into place they caused these problems > they wanted everyone to own a home. Mayor Franklin must suffer from short term memory loss

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