Wednesday, May 11, 2011

The Chicago Reporter Despair over disrepair

The Chicago Reporter Despair over disrepair
"In 2008, the city devised a way to keep neighborhoods from turning into junkyards as the nation’s foreclosure crisis roared on. The city passed an ordinance forcing owners of vacant properties—mostly financial institutions—to register them with the city. That way, the city could inspect the properties to make sure they weren’t falling into disrepair.

But an analysis by The Chicago Reporter found that many financial institutions aren’t registering the properties."

Is anybody surprised? The banksters engaged in utterly irresponsible lending practices that encouraged millions of Americans to take insane risks that led to foreclosure and bankruptcy, then they created bizarre and horribly risky derivative investments that amounted to institutional suicide. When the industry went under in 2008, we, the taxpayers, bailed them out with our money. Now they have all this money and refuse to lend it to people. They are creating slums by letting their foreclosed properties deteriorate, refusing to pay HOA and condo assessments and property taxes, and generally behaving like corporate sociopaths.

And where is Congress in all this?

1 comment:

Fred Fischer said...

Glendale AZ is giving 25 million dollars of the public funds to bail out a corporation in violation of the Arizona constitution according to the Goldwater Institute. Consequently this same municipal culture has been the ones responsible for imposing upon their constituents and against the US constitution, contract governance in CIDs across America. So when will this end ???