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is AG Schneiderman a zombie?

February 11, 2014

NYTimes: “A New Effort in Albany to Put Lenders in Charge of Abandoned Properties” by Susanne Craig:

thousands of so-called zombie homes scattered throughout financially hard-hit areas of New York State, houses that have been abandoned by their owners before banks have finished foreclosing on them. In many cases, according to upstate politicians and fire officials, these homes have little value, and banks will take years to finish the paperwork. In the meantime, such properties fall apart, or burn down.


“If the banks don’t want the property we are screwed,” [fire chief, Michael Vatter] said. He said local homeless people call the bank-owned zombie houses abandominiums. Wells Fargo owns the Washington Street property; before the fire, it was a “drug-shooting gallery and flophouse” for local prostitutes,

On Monday, Eric T. Schneiderman, New York’s attorney general, is expected to outline legislation that he hopes will force banks to take responsibility for zombie properties

New York State has roughly 15,000 zombie homes and leads the nation in the time required to foreclose on a home, at almost three years, according to data from RealtyTrac, a company that tracks troubled properties.

In addition to zombie houses, it is also battling high crime and unemployment rates.

In addition to being dangerous, Mr. Vatter says, zombie homes drive down property values and drive up insurance rates.

Notice how the foreclosure issue is blurred into issues of crime and homelessness. What happened to the original mortgage holder? Ya know the person we would traditionally have thought of as the homeowner?

Clearly someone must maintain these properties. If the banks don’t want them, then they should relinquish their note and give the property back to the homeowner to repair or sell. If the banks do want them, then they have to take care of them.

But zombie homes is misleading. Is it an abandoned property or is it “abandominiums”? Because if people live there maybe they have rights to the property? Maybe the bank screwed them over? How do we separate the zombie homes from the bank fraud?

But, oh no. Not dead birds! Not like thoser aren’t on nearly everyone’s dinner menu. Oh no, zombie killed bird!?!?? Get those banks in here to claim their property?! Then make them give it back to real people!

Meanwhile, this article spreads across many news outlets, and now Attorney General Eric T. Schneiderman is clearly linked to “zombie”. Did he even say the word? He tweeted it at least once, but I have not found a copy of his speech from today. On his gov site no mention yet of zombie in the media center, but yesterday: “A.G. Schneiderman Announces Largest Cockfighting Bust In State History” – seriously, more dead birds!

See also, The Buffalo News: “Schneiderman targets ‘zombie’ homes“:

State Attorney General Eric T. Schneiderman is the latest public official targeting “zombie properties” that have been abandoned and left to deteriorate.

“Every New Yorker deserves to live in a safe and secure community, where the house next door isn’t left to rot,” Schneiderman said in a written release prior to unveiling his plan before the state Conference of Mayors and Municipal Officials in Albany.

And, Daily News: “State attorney General Eric Schneiderman ready to raze hell about ‘zombie’ homes” by Kenneth Lovett

Schneiderman will announce a plan on Monday to tackle thousands of what he calls “zombie properties” in New York

The bill would also create a statewide zombie property registry that will allow municipalities to track abandoned homes and enforce local maintenance codes.

Oh yes, I hope they call it the “zombie property registry”, but Wall Street Journal isn’t so clear if they’re called “zombie”, “New York AG To Put Heat On Banks for Foreclosed Properties” by Andrew Johnson:

State legislation backed by Attorney General Eric Schneiderman would require lenders to more quickly address so-called zombie properties after their owners abandon them. “We will make sure that a bank that enters into a foreclosure proceeding cannot simply walk away and leave a house to fall into ruin,” Mr. Schneiderman was expected to say…

But what did he actually say? Did he say “zombie”?

And what if State’s themselves just claimed these house and then rebuilt them habitat for humanity style and then rented them at subsidized rates to families who need them. Schneiderman has tried to use eminent domain and according to Lovett’s article:

Another bill Schneiderman will propose would double from 10 to 20 the number of nonprofit land banks in the state that can buy vacant, abandoned and foreclosed properties and either rebuild or demolish them.

Turn zombie homes into future homes for zombies by using zombie government subsidies, it’s the American dream!

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From → economics, politics

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