Mayor asks for housing bust relief

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.

WKBN 27 First News provides commenting to allow for constructive discussion on the stories we cover. In order to comment here, you acknowledge you have read and agreed to our Terms of Service. Commenters who violate these terms, including use of vulgar language or racial slurs, will be banned. No links will be permitted. Please be respectful of the opinions of others. If you see an inappropriate comment, please flag it for our moderators to review.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s