The Los Angeles Times published an interesting article yesterday about a positive new proposal . According to the article by James Koren, Los Angeles City Council has recently approved a major plan to fix-up and sell foreclosed bank properties without spending taxpayer money. The proposal aims to fix -up twenty-five bank owned properties that have acted as a base for criminal activity after the housing crisis. Contractors will be in charge of the sales and the money from the sales will be used to pay for repairs, as well as private attorneys to make sure the process runs smoothly. Ocwen owns a few of the properties and promises to keep the properties in good condition and sell them appropriately. The proposal is currently awaiting Mayor Eric Garcetti’s stamp of approval.
This is an interesting take on solving a problem with under maintained and crime ridden properties.