With our free press under threat and federal funding for public media gone, your support matters more than ever. Help keep the LAist newsroom strong, become a monthly member or increase your support today .
$13.5 million US Bank settlement as LA aims to remove foreclosure blight in South LA, San Fernando Valley
The U.S. Bank Tower seen on Feb. 9, 2006 in Los Angeles.
(
David McNew/Getty Images
)
U.S. Bank reached a $13.5 million settlement with Los Angeles City Attorney Mike Feuer's office on Thursday for allegedly failing to maintain hundreds of foreclosed properties in L.A.
"Banks must be accountable for the condition of the properties they hold," Feuer said in a statement. He added that it "underscores my commitment that all foreclosed and vacant properties be kept up to code, so they don't become sources of blight or magnets for crime."
The settlement includes $11.9 million in civil penalties, while the rest will resolve municipal code violations. It was originally filed in July 2012 by former City Attorney Carmen Trutanich, focused on 170 of the 1,500 properties the bank had acquired in the city through foreclosure.
Many of the homes were vacant and in primarily low-income areas of South L.A. and the San Fernando Valley.
Support for LAist comes from
The original complaint alleged that U.S. Bank failed to respond after receiving multiple notices to comply and hearing notices from L.A. city agencies.
The bank also agreed to have one full-time senior employee serve as a point of contact for city agencies dealing with code violations at the bank's foreclosed properties.
U.S. Bank is the fifth largest commercial bank in the nation.
At LAist, we believe in journalism without censorship and the right of a free press to speak truth to those in power. Our hard-hitting watchdog reporting on local government, climate, and the ongoing housing and homelessness crisis is trustworthy, independent and freely accessible to everyone thanks to the support of readers like you.
But the game has changed: Congress voted to eliminate funding for public media across the country. Here at LAist that means a loss of $1.7 million in our budget every year. We want to assure you that despite growing threats to free press and free speech, LAist will remain a voice you know and trust. Speaking frankly, the amount of reader support we receive will help determine how strong of a newsroom we are going forward to cover the important news in our community.
We’re asking you to stand up for independent reporting that will not be silenced. With more individuals like you supporting this public service, we can continue to provide essential coverage for Southern Californians that you can’t find anywhere else. Become a monthly member today to help sustain this mission.
Thank you for your generous support and belief in the value of independent news.
Chip in now to fund your local journalism
(
LAist
)
Trending on LAist
-
The study found recipients spent nearly all the money on basic needs like food and transportation, not drugs or alcohol. -
Kevin Lee's Tokyo Noir has become one of the top spots for craft-inspired cocktails. -
A tort claim obtained by LAist via a public records request alleges the Anaheim procurement department lacks basic contracting procedures and oversight. -
Flauta, taquito, tacos dorados? Whatever they’re called, they’re golden, crispy and delicious. -
If California redistricts, the conservative beach town that banned LGBTQ Pride flags on city property would get a gay, progressive Democrat in Congress. -
Most survivors of January's fires face a massive gap in the money they need to rebuild, and funding to help is moving too slowly or nonexistent.
Best of LAist