Warren mayor seeks piece of Justice Department settlement for ci - 21 News Now, More Local News for Youngstown, Ohio -

Warren mayor seeks piece of Justice Department settlement for city

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WARREN, Ohio -

Warren Mayor Doug Franklin is asking the U.S. Department of Justice to set aside a portion of the money from a pending Bank of America settlement to help Warren and other Ohio cities deal with vacant, abandoned and foreclosed homes.

Franklin sent a letter to the justice department urging it to "consider the needs of Ohio communities", as it negotiates a settlement with the Bank of America over abusive lending practices.

Franklin pointed out that a recently negotiated $13.4 billion settlement with JP Morgan Chase & Co. provided no money for distressed Ohio cities.

A news release from Franklin says, "Abusive lending practices by these big banks resulted in foreclosures and abandonment in Warren and cities all over Ohio."  The award with Chase gave them credit for lowering interest rates for borrowers and for lowering principal balances of mortgages they hold. They were doing that anyway." says Franklin.

Franklin goes on to say,"We need hard dollars to take down abandoned houses and to rehabilitate houses in Warren. The Justice Department cannot allow banks to dictate terms that give the very same banks that created this mess."

Franklin and other officials around the state have formed a coalition backing the Ohio Plan, which proposes setting aside bank settlement funds for the demolition of vacant, abandoned, and unsafe properties, the rehabilitation of homes, prevention of foreclosures and the repurposing of vacant parcels.

 

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