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Durbin Wants Answers From Bankers
The annual meeting of the American Bankers Association is taking place in Chicago, and U.S. Sen. Dick Durbin (D-Ill.) has some questions for the bankers.

Durbin wants bankers to address how much responsibility they should bear for the condition of the foreclosed property that's on their books. Durbin says banks have been poor stewards of the foreclosed property they have on their books, allowing houses to stand vacant as grass and weeds grow, trash accumulates, thieves strip copper wiring and squatters settle in, bringing down the value of property in an entire neighborhood. He also says vacant, foreclosed homes are preventing recovery from the recession.

Durbin made his remarks to a group called National Peoples Action, which is a collection of activists and community groups calling for accountability among banks, especially the large ones that took federal bailouts. They are meeting in Chicago at a hotel right across the river from the hotel where the American Bankers Association is holding its annual meeting.

Durbin says if banks are going to repossess homes, they should maintain them, possibly by letting the formers owners continue to live there as renters.

(Illinois Radio Network)
10 26 09 by Newsroom
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