Los Angeles Sues US Bank
Last week, Los Angeles officials filed a lawsuit against US Bank, alleging it is allowing 150 foreclosed homes to deteriorate into slums. The city is demanding that the bank clean up vacant properties and improve conditions for families living in others.
The lawsuit marks the second time the city has accused a major bank of being a slumlord, part of an aggressive attempt to deal with the urban decay caused by the housing crash. Nearly a million California homes have been foreclosed on since the housing crisis began five years ago. More than 362,000 California homes remain in foreclosure or seriously delinquent.