H.R.5108 – Alan Grayson Introduces The Zombie Property Relief Act of 2016

Zombie Wagon

H.R.5108 – Alan Grayson Introduces The Zombie Property Relief Act of 2016

Alan Grayson says there are too many vacant or “zombie” homes in Florida and around the nation that are destroying local property values.

That’s why he’s introducing the Zombie Property Relief Act of 2016, which would grant the Consumer Financial Protection Bureau (CFPB) the authority to penalize financial institutions for not taking care of the homes that they’ve initiated foreclosure proceedings upon.

The legislation calls for fining banks three times what they would spend keeping up these empty homes when they choose not to bear the cost of maintaining them, bringing down the property values in the area whey emerge.

More here…

Copy of the bill below…

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4closureFraud.org

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H.R.5108 – The Zombie Property Relief Act of 2016

Comments
One Response to “H.R.5108 – Alan Grayson Introduces The Zombie Property Relief Act of 2016”
  1. Julia Young says:

    Might work if not abused. What I see, as an appraiser, that isn’t really generally recognized by the public in general is big banking handing off multiparcels to investors often in the millions in multi-parcel purchases, pennies on the dollar without going through individual marketed sales. These are being sold world-wide, much as the ‘paper’ was sold in the past. Now it is the actual property.. Most of these are habitable and can be renovated for the rental market that is burgeoning in places like Memphis. Wells Fargo was sued for targeting the poor, African American population with Alt-A and ARMs here. With our non-judicial foreclosure law, these people lost their homes after the money from their equity was stolen by so called renovators.. Heavy dealing in predatory loans stealing equity from uneducated individuals who owned homes that needed repair. Their homes were stolen using these predatory high interest ARMs by renovators who did a little slipshod work and stole ‘Mama’s’ equity in the family home.
    Much like the story featured recently. .The city is in the business of tearing down the really derelict housing that was foreclosed. AGAIN with taxpayer money! .

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