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Banks labeled 'slumlords' over foreclosure neglect
http://money.cnn.com/2012/08/29/real_estate/banks-slumlords/?google_editors_picks=trueNEW YORK (CNNMoney) -- U.S. Bank is the country's fifth-largest commercial bank, with 3,000 branches in 25 states. It's also "one of the largest slumlords in the City of Los Angeles," according to the L.A. city attorney's office.
In a complaint filed last month, the office accused U.S. Bank of failing to maintain more than 170 foreclosed properties, blighting neighborhoods, decreasing property values and increasing crime rates.
The allegations are similar to those made in a lawsuit filed by the city attorney's office last year against Deutsche Bank (DB), as well as other complaints from activists around the country who say their communities have suffered as neglected foreclosures deteriorate in the aftermath of the housing bubble.
It's difficult to quantify the issue nationally, but thousands of homes may be at risk of falling into disrepair.