American Warzone: Foreclosed Houses: Banks Destroying Neighborhoods, Ignore Law
by Monica Davis
Bank-repossed houses and real estate litter neighborhoods from sea to shining sea. Gangbangers are using them, so are dope dealers, vagrants, fire bugs and homeless families.
Some of these homes have been foreclosed twice. People buy foreclosed property–then can’t afford the mortgage and get evicted. And the home returnes to the tribe of blighted property, dragging neighboring property values down even further.
Metal thieves have ripped out plumbing and electrical wires, and anything that can be sold, pawned, or recycled has long vanished from the property. Even if someone wanted to buy some of this property, the rennovation costs would be extremely high, often exceeding the value of the property..
Laura Gottesdiener writes,
We cautiously ascend the staircase, the pitch black of the boarded-up house pierced only by my companion’s tiny circle of light. At the top of the landing, the flashlight beam dances in a corner as Quafin, who offered only her first name, points out the furnace. She is giddy; this house — unlike most of the other bank-owned buildings on the block — isn’t completely uninhabitable.
It had been vacated, sealed, and winterized in June 2010, according to a notice on the wall posted by BAC Field Services Corporation, a division of Bank of America. It warned: “entry by unauthorized persons is strictly prohibited.” But Bank of America has clearly forgotten about the house and its requirement to provide the “maintenance and security” that would ensure the property could soon be reoccupied. The basement door is ajar, the plumbing has been torn out of the walls, and the carpet is stained with water. The last family to live here bought the home for $175,000 in 2002; eight years later, the bank claimed an improbable $286,100 in past-due balances and repossessed it. MOREHERE
The media and the government keep telling us that we are in a recovery, but many metropolitan areas, Detroit among them, see entire neighborhoods abandoned, lifeless, with the exception of vagrants, druggies and gang bangers. As more people lose their jobs, as food stamps and the used to be safety net are sliced out of existance, and minimum wage jobs are the only thing people can get, will the foreclosure rolls explode?
How can anyone maintain a quality of life, when the majority of the homes in their neighborhoods are vacant, foreclosed properties?
Where are the children, the families, the nosy little ole ladies, the workers going to work, the retirees, and glue that holds societies together?
First the banks foreclose. Then they board up the property, Then they abandon it, stop maintaining it, and then the squatters, vagrants and fire starters move in.
Look at this neighborhood: most of the houses are vacant/foreclosed. What about the people who stil own or rent homes in this neiggborhood? What about the responsibility of the banks to maintain the property?
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Whistler Blowers, Insiders
It’s a numbers game. Through TARP, credit default swaps, numerous types of insurance, the creditors can easily make more money than selling the property. With losses dumped onto the backs of the taxpayer, the more damage to the property the higher the losses they can claim, the better for their bottom line. Lenders have no desire to own real estate. If they couldn’t make their profits by collecting interest on loans or shuffling notes, they get it from sweetheart deals with the gov, dumping bad paper onto the backs of taxpayers, etc.. Anyone trashing these houses and even burning them to the ground is doing them a favor and making their profits go up.
The beginning of the end started on 9/11/01 as part of the master plan. We are in a death spiral. The poorest lose first, but in time, we all will lose. There are few jobs worth a crap. Corporations are becoming financial slave camps and that’s for those who have jobs. The government is so worried about whether the Dems or Republicans hold more power, they see nothing else. No one cares any more. We are done. The fat lady is on the stage and there’s power to the mic.
Turn off your TV.
It is ruining your mind.
Of course, on the bright side, Washington DC is the most affluent city in America… Not Redmond, Wa, not L.A., not NYC. Nope, if you want to make serious money these days, one works for the US government.
Banks now own over 50% of home equity in the United States and the sons of bitches at the banks never lifted a finger to build any of them. Americas is the bankers’ bitch if they continue The Fed, even if a Jamboree is declared.
The plan is moving forward nicely. Just the way the banks told their bitches in gov to implement it. The Fed is an evil mother