We tweeted about this blight situation yesterday but were so moved by it, we decided to do a blog post about it today.
The following linked article paints the terrible but very real picture of banks taking properties as collateral and then apparently abandoning the properties to utter disrepair after foreclosing or otherwise obtaining title: Vacant Homes Plague Neighbors as Lenders Drag Feet | AOL Real Estate.
Should a property owner, such as a bank, that has apparently completely stopped maintaining property for an extended period (such that the property is falling apart and has become a significant safety and health hazard) lose the property to the government after being served notice to clean it up but doesn’t do it?
Should the government then clean up the property to meet reasonable standards?
Should there be fees and fines levied against such wealthy and bailed-out banks to cover associated public expenses?
Where do the banks’ insurance carriers fit into all of this? Surely the properties don’t qualify for coverage.