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Maybe, but judging by the looks of things I'd say the banks have made out pretty well - the community on the other hand....
originally posted by: NeoSpace
Would it not benefit both the banks and communities if instead of a foreclosure where everone loses, communities are ruind, homes are left to rot and become worthless, the banks should agree to accept maby 50% or even 25% of the monthly repayments.
In 2010, Detroit Mayor, Dave Bing, proposed a radical plan to bulldoze a quarter of the city, in the way of abandoned, foreclosed homes, turning it back into pre-1950's farmland. Several other cities within the United States have already instituted this program in conjunction with the banks that hold title to the dilapidated homes. Flint, Michigan, Cleveland, Ohio, Youngstown, Ohio and Chicago, Illinois are just a few towns in which banks are demolishing homes in conjunction with city government, rather than placing them for sale. These burned out homes in Detroit have become safe havens for gangs. In the case of the carjacking, beating and murder of 21-year old Matt Landry, the murderers took him to one of these homes, scheduled for demolition, to murder him. These conditions are not new in Detroit, but now far more wide spread. Just as in the movie "8 Mile", filmed in 2001-2002, a child was taken to one of these abandoned homes to rape her, followed by youth torching the home. Yes, this was just a movie, but it seems that fact is following fiction with these abandoned homes being used by thugs as an open door to commit crimes. If there had been nowhere to take Matt Landry to kill him, perhaps he would still be alive.
But what about those homes still occupied remaining in the abandoned neighborhoods scheduled for demolition? The law of Eminent Domain would come into affect to force the remaining families from they're homes, paying the "Fair Market Value" for they're homes. Unfortunately, given the market in Detroit, these families might only receive as little as $1,000 for they're "roof over their heads" that may have been paid for free and clear. While bulldozing may help to alleviate the arson problem as well as the supply and demand problem, it may cause a hardship for those barely hanging on.
originally posted by: nfflhome
Unions, why pay someone $25-$75 an hour when someone else will do the same job
for under $25 an hour. Unions had their day but they where a big part of the cause along with the
elected city government.