US Bancorp Fails To Maintain Foreclosed Homes, LA Says

Law360, New York (July 17, 2012, 3:41 PM EDT) -- Los Angeles launched a suit in California state court Monday accusing a U.S. Bancorp subsidiary of being one of the city's biggest slumlords by failing to maintain hundreds of foreclosed homes that have fallen into disrepair, resulting in declining property values and tarnished communities.

The city accuses U.S. Bank NA, which holds the title to more than 1,500 foreclosed homes, of ignoring state and city property and zoning laws by allowing the homes to deteriorate into decrepit structures with overgrown foliage, trash and graffiti that were...
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