Wednesday Wisdom: Underwater in America

On July 11, I wrote in the blog "Follow the Money".... The next week, only by coincidence of publishing dates, from California to Florida and places in between the headlines started breaking news about law suits addressing the practice of banks privatizing their profits and socializing their losses.  As the news continues, I am going to edit and post follow-up story links in this entry.   

It appears that Florida news sources are the only one talking about this issue.   We continue to watch and share……

L.A. 'slumlord' suit targets U.S. Bank  - StarTribune.com

Jul 18, 2012 – The Los Angeles city attorney's office has filed a lawsuit that accuses U.S. Bancorp of becoming  " one of the largest slumlords in the city" and ... http://www.startribune.com/business/162814206.html

City's Lawsuit Calls US Bank an... - NBC Los Angeles

Jul 18, 2012 – Stephanie Elam. Los Angeles City Attorney Carmen Trutanich filed a lawsuit against US Bank on Monday, July 16, accusing the lender of being ... http://www.startribune.com/business/162814206.html

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US Bank Lawsuit: 'Slumlord' Illegally Evicted Homeowners, Claims ...HuffingtonPost

Jul 17, 2012 – Prosecutors called Deutsche Bank the city's largest slumlord in a ... If you're one of the 11 million Americans who are underwater, tell your story. http://www.huffingtonpost.com/2012/07/17/us-bank-lawsuit-slumlord_n_1680654.html

U.S. Bank called one of Los Angeles' largest 'slumlords ... Bizjournals.comYou +1'd this publiclyUndo

Jul 17, 2012 – Los Angeles officials say in a lawsuit that U.S. Bank is one of the city's biggest slumlords because it hasn't maintained hundreds of foreclosed ... http://www.bizjournals.com/twincities/news/2012/07/17/la-calls-us-bank-slumlord.html

California Calls U.S. Bank a 'Slumlord' - Courthouse News Service

Jul 17, 2012 – In its 85-page lawsuit in Superior Court, California says U.S. Bank "has become one of the largest slumlords in the city of  Los Angeles." ... http://www.courthousenews.com/2012/07/17/48469.htm

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Los Angeles Takes 'Slumlord' U.S. Bancorp to Court - Forbes

Jul 17, 2012 – An unprecedented lawsuit to watch closely. ... commercial bank of becoming one of its biggest slumlords and blighting the city by allowing... http://www.forbes.com/sites/markbergen/2012/07/17/los-angeles-takes-slumlord-u-s-bancorp-to-court/

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German bank under fire in Florida and at home – Sun Sentinel

Jul 15, 2012  - Activists demand bank act in more socially responsible manner

Deutsche Bank was a heavyweight financial player during the American mortgage meltdown and its aftermath: empty and neglected properties that blight local neighborhoods…"We demand a new business model from the banks. A business model with priority on humans, environmental issues and the common good over ambitious profitability targets," ….http://www.sun-sentinel.com/news/nationworld/fl-deutsche-bank-homes-20120714,0,5086643.story

Bad-neighbor banks neglect thousands of South Floridahomes – Sun Sentinel  

..some banks or their agents balk at completing the process and taking title to homes that are unlikely to sell for much. That practice fuels a separate legal "limbo" problem that traps thousands of vacated homes…http://www.sun-sentinel.com/news/local/bad-neighbor-banks/fl-bad-neighbor-banks-20120428,0,7392841.story

HOAs foreclose on big banks – Sun Sentinel

Aug. 12, 2012  - The foreclosure filings are a growing trend as associations become more aggressive in going after delinquent fees that have crippled HOA budgets during the housing bust. Banks owe a portion of the past-due maintenance fees and the full amount from the .. http://www.sun-sentinel.com/business/realestate/fl-hoa-foreclose-banks-20120810,0,5206219.story

Code violations show strain of foreclosures – Sun Sentinel

Aug. 14, 2012  - Municipalities cited the banks because they had title to the homes. But some banks deny responsibility for neglected houses for reasons that ordinary homeowners could not… http://www.sun-sentinel.com/news/broward/fort-lauderdale/sfl-lauderdale-code-violators-081409,0,7679135.story

The home nobody wants: Neither owners, nor bank, norHOA can take over  – Sun Sentinel

Aug. 11, 2012  - Peek through the dust-caked windows of the decaying house off busy Lawrence Road and glimpse the results of human frailty and the systemic banking failures of the Great Recession. Drawers are pulled from cabinets, pictures are overturned, horizontal ... http://www.palmbeachpost.com/news/business/real-estate/the-home-nobody-wants/nQ4HM/

Banks should take personal responsibility too – Sun Sentinel

Aug. 17, 2012 - How often have we heard non-paying owners disparaged as “deadbeats” or, in a more gentle vein, accused of not taking personal responsibility? How many times had you heard banks called deadbeats? How often to you hear them accused of not taking personal responsibility? http://blogs.sun-sentinel.com/condoblog/2012/08/banks-should-take-personal-responsibility-too.html