The financial crisis devastated homeowners and investors in Ohio and across the country. In the years since, we’ve made great progress but we know that the economy cannot fully recover until the housing market does.
Cleveland’s Thriving Communities Institute estimates that there are 50,000 abandoned properties in Ohio that have fallen into disrepair. Vacant properties lower surrounding property values and can increase the likelihood of crime within the neighborhood. Ohioans shouldn’t have to shoulder the burden of revitalizing these neighborhoods when big banks are to blame for the housing crisis.
In too many cases, banks generated billions in profits by disregarding the law and foreclosing on homeowners who were trying to pay their bills on time. When it came to light that the biggest banks had committed foreclosure fraud and used robo-signing practices that led to wrongful foreclosures, these large lenders agreed to pay more than $36 billion in retribution.
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