Cleveland Housing Judge Continues Hammering Wells Fargo In Its Attempts To Dump Dilapidated Foreclosed Home Inventory

In Cleveland, Ohio, a recent op-ed column in the The Plain Dealer states:

• Cleveland Housing Court Judge Ray Pianka continues to impress with his proactive approach to fighting the foreclosure crisis. His decision last week to compel Wells Fargo Bank to post $1 million bond if it wants to rehab and sell distressed properties it owns in the city shows the kind of creative tactic required to protect the interests of Cleveland and its residents. Along with posting the bond -- which would cover the cost of demolition should Wells Fargo fail to meet its obligations -- the bank must list all of the properties it owns in the city, and board up and secure any homes that are vacant.

• Pianka's order supersedes an earlier one requiring that the San Francisco-based bank rehab or demolish all substandard holdings and prove that properties listed for less than $40,000 are up to code. Wells Fargo appealed that decision.

For the column, see Requiring Wells Fargo to post bond on distressed properties makes sense for Cleveland.

In a related story, see The Washington Independent: Banks and the Blight They Leave Behind: It’s Not Just Cleveland Anymore. BetaVacantForeclosure