At least 100,000 homes need to be demolished, DeWine said, and he is establishing a program to match funds that cities and land banks allocate for tearing down houses.
Using the settlement money for that purpose is appropriate because many homeowners are paying their mortgages and did nothing wrong, yet they face plummeting property values because of foreclosures around them, said Jim Rokakis, a former Cuyahoga County treasurer who directs Cleveland’s nonprofit Thriving Communities Institute.
“If you don’t take these homes down, these neighborhoods will continue to lose what little value they have left, they will be less safe and there will be zero chance of those neighborhoods coming back,” Rokakis said in a Feb. 9 telephone interview. “You can’t build the new American city until you take the old one down first.”
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Foreclosure Deal May Help State Budgets
Wisconsin (STOWI1) plans to use part of its $140 million share of the national foreclosure settlement to fill a budget hole. Missouri (STOMO1) would devote $40 million for education. Ohio (STOOH1) wants to tear down vacant homes.
Ninety percent of the $25 billion settlement announced Feb. 9 goes to borrowers, with states receiving at least $2.66 billion, said Geoff Greenwood, a spokesman for Iowa Attorney General Tom Miller, who helped negotiate the deal. The money for states is to “help fund consumer protection and state foreclosure-protection efforts,” according to the National Mortgage Settlement website, though states have discretion in spending, and their tax bases and budgets were hurt by the housing crash, Greenwood said in an e-mail.
Most states, especially those hit hard by foreclosures, probably will spend the money on related purposes instead of priorities that the public may not see as fitting the settlement’s spirit, said David Adkins, executive director of the Council of State Governments in Lexington, Kentucky.
“If my home were in foreclosure, I would want to make certain that the revenue in my state was directed at ameliorating that specific problem,”Adkins said.
Rest from Bloomberg here…
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I added in my answer to the srike that it is the bank who dishonored the check……THE NOTE….WHEN THEY COMMITTED THE ORIGINATION FRAUD…WITHOUT MY KNOWLEDGE……THE ORIGINATION FRAUD THEREFORE RENDERS THE NOTE AND MORTGAGE A NULLITY! !
And if this is not true than show me the TRUST ASSIGNMENT….THE LEGAL CONVEYANCE!!! OTHERWISE…THE MORTGAGE AND NOTE ARE A NULLITY….!!! WHERES THE CUFFS???
If a bank owns a property with a house in disrepair, it is the banks job to repair it or demolish it at it’s own cost. How come the bank settlement is going to use the money to demolish the banks homes so the banks can resell the land? Last time I checked it cost a bundle to demolish a house in my town. You have to pay for the demolition before building something new. How come we are going to use the money we win from the banks, to pay someone to demolish the banks houses for them ????
Let them pay for their own demolitions !!!
JamesM….is that really what you believe? That the banks own these houses?..NO JAMES….THE BANKS STOLE THEM…! THE BANKS NOR THE FED RESERVE EVER LENT US ANY MONEY! FOR A DARNED THING!!! Did you get a check at the closing???? NO! WAKE UP AMERICA….OCCUPY!
Yeah Baby!!! All That Nice Wood And Scrap Metal Can Be Used To Make A Lot Of Nice Guillotines
I AGREE WITH THE BULLDOZER PLAN! Lets start with the white house then down the street we go to Congress then Senate then next door to the Bank or down the Hall I should say and then to the Bankster CEO place and clean house. I’ve GOT A BULLDOZER I’m going to paint it The Old RED WHITE AND BLUE WITH FLYING TIGER TEATH ON THE FRONT GRILL! You guy’s chip in for the gas and I’ll drive. I like the movie Murphy’s War.
Right on Bloodsoaked!!!!……its all the property of …..WE THE PEOPLE ……it is WE THE PEOPLE WHO FUND AND PAY FOR EVERYTHING! !!…..OOCUPY!!!
Does the AG of any state have the authority to speak for the people of that state? The Nevada constitution, at Article nine Section three says that any agreements made by the executive must be approved by the legislature. How about yours?
Actually, folks, this $25 billion worthless settlement will be a boon to certain areas of the country, such as Ohio, where many cities and towns are blighted by boarded up, un-salable homes. These areas of the country, like northeastern Ohio, have been in this condition for a long time. I became familiar with the Cleveland-Youngstown area in the mid-nineties. The boarded up, unoccupied homes there were, and are, a symptom of another disease that has nothing to do with the fraudclosure mess.
In general, Ohio had been on a steady decline for years. People were leaving for greener pastures (that were real pastures) elsewhere. That area of Ohio, formerly known as the “steel belt,” is now better known as the “rust belt.” The various governments around those parts were more interested in extracting more money in taxes, I guess so that their jobs would remain secure and they would make more money, than in sending any back to the areas that were becoming more and more blighted.
But, as Limbaugh said yesterday, the odds are against anyone damaged by the fraudclosure debacle receiving any money at all. All this was, was a big bank shakedown. As he said, the federal government (and probably some State governments) held a gun to the bankers heads laying out exactly what was expected of them. So, while bad politicians got richer, good Americans got shafted. These are sad, sad times for this country. Woe to the American citizen who believes that any of those crooks have our best interests at heart. I believe this is a direct result of Americans placing too much emphasis on the idea of a “democracy” rather than where it should have been placed: on the idea of a “representative republic!”
Whatchya wanna bet the people don’t see a dime of that money??? These fines are for the benefit of no one but the crooks….just like 9/11…THE MANUFACTURED STOCK MARKET CRASH…THE MANUFACTURED ROTTEN ECONOMY…THE STEALING OF THE HOMES AND BUSINESSES….IT IS ALL A BIG SWINDLE BY THE SO CALLED MONEYED ELITE….THEY ARE CROOKS….AND THEY ARE STEALING OUR COUNTRY UNDER THE GUISE OF MONEY LENDING…..AND THEY NEVER LENT ANY MONEY OF THEIR OWN…..! MWAHAHA! ..OCCUPY….GUTS…GUNS…..GOD!!!
. Can’t let people live in those homes now can we , just can’t have that. Need to make homes unaffordable for a new generation of debt slaves apparently. This counrty is led by f$%king greedy idiots. OCCUPY!
OCCUPY!!!!!….GUTS….GUNS….GOD!……AMERICA IS THE PEOPLES HO– USE!! WE THE PEOPLE ARE WHO FUNDED AND PAID FOR EVERYTHING!!! OFF WITH THEIR HEADS!!!!
destroying homes! clearly there was another way! nuts! is everyone nuts!
Yeah ruth….WE THE PEOPLE ARE ALL NUTS…FOR BELIEVING THEIR LIES….AND WE THE PEOPLE ARE THE COWARDS WHO ARE ALLOWING THESE CRIMINAL IMPOSTERS AND POLITICAL TRAITORS TO GET AWAY WITH IT!!….SHAME ON US!!!!.
WAKE UP AMERICA….THE SO CALLED MONEYED ELITE…ARE STEALING OUR HO– USE…VIA THE FED……AND FASCISTS……NAZI TRAITOR POLITICIANS…..WE ARE ALLOWING THEM TO HIJACK AND STEAL……THE PEOPLES HO– USE…THE UNITED STATES OF AMERICA…AND THEY NEVER LENT US ANY MONEY!!! WTF????…..OCCUPY!!!!!….GUNS…GUTS…GOD!!!!
JAMIE DIMON ABOUT TO SPEW SOME MORE NAZI RHETORIC…..AND TELL THE SHEEPLE HE IS ABOUT TO CREATE ABOUT 3000 ….
MORE DEBT SLAVES….!!!!!!
CHASE JOBS=SLAVERY! TELL THEM TO SHOVE THEIR JOBS…AND THEIR DEBT….UP THEIR CRIMINAL ASSES!
You are sooo right Ivent. I am now on the 3G network: Guts, Guns & God!
Awesome Bobbin! Lauren Lister of RT NEWS has E.G. GRIFFIN THE AUTHOR OF THE CREATURE FROM JEKYLL ISLAND…ON HER SHOW RIGHT NOW….THEY ARE TALKING THE TRUTH ABOUT THE FEDERAL RESERVES EVIL BANKING CARTEL TYRANNY!! TO THE TRUTH!! THROW OUT THE FED!!! ISSUE U.S. BANK NOTES BACKED BY OUR OWN NATURAL RESOURCE REVENUES!!! OCCUPY!!!
Sorry about the misspelling BOBBI…!!…..this KINDLE HAS A MIND OF ITS OWN SOMETIMES!!