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Forum Post: Banks, Ripping Off Detroit Worse Than Kwame Ever Imagined.

Posted 11 years ago on March 18, 2013, 2:46 p.m. EST by shoozTroll (17632)
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[-] 0 points by urbanguy (-67) 11 years ago


[-] 0 points by GirlFriday (17435) 11 years ago

In a foreclosure, the property reverts back to the bank, which then becomes responsible for all maintenance and upkeep, as well as any fees. Some banks simply ignore these responsibilities and refuse to pay taxes or keep the vacant property in good order. The more clever banks stick evicted homeowners with the bill.

Across the country and particularly in Detroit, banks have engaged in “walkaways,” where they start foreclosure proceedings but then find them too costly to complete. They choose not to finish the legal steps to foreclosure, leaving the properties vacant. Banks that walk away from homes do not have to notify the city, or even the borrower, that they have abandoned the foreclosure process. Borrowers kicked out of their homes then find themselves still responsible for property tax payments.

We know this kind of behavior has occurred all over the country, leaving foreclosure victims stuck with the “zombie title” to an old property for years. And Detroit is ground zero for the phenomenon. A 2010 report of the Government Accountability Office found 500 bank walkaways in just four Detroit zip codes.

And they just walk away free and clear.

[-] 0 points by shoozTroll (17632) 11 years ago

Private profits, public risks.

It's the way of WallStreet and through derivatives, they own them all.

You gotta wonder what they are going to do with a city full of 100year old homes in run down condition. It costs a small fortune to bring one up to modern code.

[-] -1 points by GirlFriday (17435) 11 years ago

Well, judging by the ones that they own they have intention of doing anything with them.

[-] -1 points by shoozTroll (17632) 11 years ago

Here's some new stuff.

A more extreme take.


In many ways it's a situation the REDS and banks created.

[-] -1 points by GirlFriday (17435) 11 years ago

They are moving pretty quickly now.

[-] 0 points by mideast (506) 11 years ago

It may take a year or two, but once Elizabeth establishes herself IN THE SENATE I think she will propose legislation to stop the banksters
Too little too late, but she WILL MAKE A DIFFERENCE

[-] -1 points by shoozTroll (17632) 11 years ago

This is a matter of tyranny "forced" on the city by the GOP\ALEC.

The matter will be in the contracts

[-] 0 points by urbanguy (-67) 11 years ago

Is this a backwards way of defending a corrupt politician?

[-] -1 points by shoozTroll (17632) 11 years ago

Not at all. Kwame's an asshole that will hopefully get what he deserves, but Detroit was in a deep dive, long before he got there.........he's just a nail in the coffin.


The banks don't deserve to continue to suck the city dry.

They played an even bigger roll than Kwame, in putting the city in the position it's in in the first place.

[-] -1 points by shoozTroll (17632) 11 years ago

A more extreme point of view.

A financial dictator.


[-] -1 points by shoozTroll (17632) 11 years ago

The GOP handshake that sunk the city of Detroit.

The same guy that Snyder goes to for "consultation."


Two years later, Bush takes office and Kaploop!!!

It all falls down.