For years now, irresponsible banks and shady Order Mills have allowed foreclosed properties to deteriorate in neighborhoods across America. Leading to prostitution, drug dens, enclaves for the homeless and ultimately negating any equity and the valuation of honest tax paying citizen’s homes, these dilapidated eye sores have been tolerated by timid legislatures Nationwide. Rumors abound that the fix has always been in with government representatives in the perks and election campaign contributions; because of this it has been alleged that nothing was ever done to combat it. Until now.
The Youngstown News is reporting upon how Youngstown finally got fed up with the bullshit and passed legislation requiring a $10,000 bond be ponied up by banks so that if they or their Order Mill chooses not to tend to them, the city may step in do that which is right.
The city has collected the bonds from 48 property owners for a total of $480,000, and is working to acquire the $10,000 bonds from 18 other property owners, said Maureen O’Neil, neighborhood improvement coordinator.
If a bank maintains the property, it would receive all but $200 of the $10,000 back once the house is sold. The $200 covers administration fees.
If the house falls into disrepair, the city can use the money for required maintenance or demolition.
Youngstown is only the third city in the country — Springfield, Mass., and Canton are the others — with a foreclosure-bond law, and Canton doesn’t enforce its ordinance, O’Neil said.
Makes pretty good sense to me. Why should I have to loose money on my home because the banks, whom already got a HUGE windfall from me the taxpayer, does not want to tend to their property? Why do I have to subsidize the prostitution and drug industry? Robert Klein, Founder of Safeguard Properties (SGP) tends to disagree.
Robert Klein, founder of Safeguard Properties, a Valley View, Ohio, business that is the nation’s largest mortgage field service company, called Youngstown’s law “overblown” and “punitive.”
Safeguard manages about half of the properties on the city’s list of those that have paid the $10,000 cash bonds. The company’s clients include major banks such as JPMorgan Chase & Co., PNC Bank and Bank of America.
Those banks “obviously don’t like it,” Klein said. “One of the issues we’re having is the communities are not talking to the industry. They’re talking at the industry.”
Go figure. SGP manages about half of the properties. If you are able to cut through Klein’s heavy foreign accent, you can clearly identify his ultimate agendas over on CSPAN. So, is it fair that the same banks that created the mess have to clean it up? Whereas Robert Klein would tend to disagree, I do not. Punitive?! Talking to the Industry? Why should a homeowner be compelled to talk to anyone unless they KICK IN THE WRONG DOOR?! Klein and Safeguard Properties would do better to leave the Will of the People firmly seated where the Constitution of the United States placed it, with those chosen by the People!