WARREN, Ohio (WKBN) – The mayor of Warren wants the Department of Justice to set aside money from a pending settlement to help Ohio cities still suffering from the housing crisis.
Mayor Doug Franklin sent a letter to the DOJ urging it to “consider the needs of Ohio Communities in connection with the pending settlement.”
The settlement is with Bank of America over abusive lending practices. A recently negotiated $13.4 billion settlement with JP Morgan Chase provided no relief for distressed Ohio cities.
“We want to make sure that those monies go to those cities hit hardest, including Warren, so that we can stabilize neighborhoods and take care of some of our housing problems,” Franklin said. “We are very confident that we can do this, but we want to get out in front of it and that is what this letter reflects.”
Franklin said foreclosure rates over the last 20 years have left an estimated 100,000 vacant homes throughout the state.