Mayor Byron Brown, in an effort to send a strong message to lending institutions and possibly regain some of the money the city has spent taking care of properties the banks have in foreclosure, has filed suit against some 40 banks and lending institutions.
According to an Anti-Flipping Task Force document, Chase Manhattan, CitiFinancial, Deutsche Bank, M&T, JP Morgan, Keybank National, Wells Fargo and Washington Mutual are among the institutions targeted by the suit.
“The banks initiate a foreclosure procedure, the property becomes vacant, and then the banks don’t want to incur the additional indebtedness of maintaining the properties and keeping them within code,” Mayor Brown said.
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