Slumlords "Banks" Admit They Are Not The Owners Of The Properties


Slumlords “Banks” Admit They Are Not The Owners Of The Properties

Slumlords “Banks” Admit They Are Not The Owners Of The Properties


Tom Joyce, director of corporate public relations for Minneapolis-based U.S. Bancorp (U.S. Bank), says in an email statement to ABC News that the bank, no less than the city attorney, is troubled that properties are not properly maintained and have a corrosive impact on neighborhoods.

He says, however, that the city attorney has chosen the wrong party to sue: U.S. Bank is not the owner of the properties, “nor are we responsible for the servicing” of them.

The homes, says the bank’s statement, are owned by trusts and by investors in those trusts. Only the companies to whom homeowners send their mortgage payments are responsible for the homes’ upkeep. Says the bank’s email: “It is clear from the complaint that the city does not understand our role.”

Frank Mateljan, spokesman for the city attorney’s office, says he understands U.S. Bank’s role just fine.


Deutsche Bank’s position is that the city attorney “has sued the wrong party,” for reasons almost identical to those advanced by U.S. Bank.

Mateljan, who calls the suits very novel, says that L.A. is “the first city, or one of the first cities” to bring such an action.


[ipaper docId=100532637 access_key=key-k1n264vr5q7x3v1a148 height=600 width=600 /]

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2 Responses to “Slumlords “Banks” Admit They Are Not The Owners Of The Properties”

  1. Charles Reed says:

    Here the deal is that with government loans that Ginnie Mae is suppose to actual be in physical possession of the Notes with are Blank and are still in title as US Bank as the Lender when in fact there is not an actual Lender and the properties should go back to the homeowners!

  2. Sarah says:

    Interesting admission, and on ABC news no less. The big stop is the Federal Government, it can’t be repeated enough they have no intention of being held responsible for anything, either do the Banks.


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