The city of Indio has a plan.
This is basic common sense. Economists call it broken window syndrome. This from tonight’s Nightline.
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Jim Klinge
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“YOU LIVE IN A DESSERT!… you understand that, you LIVE IN A DESSERT!”
– Sam Kinison
“Sandwiches here. Sand-which-is here. Get it? Nuck, nuck, nuck!” – Curly
Yay!
I called Code Enforcement today about the dump next door to me with the overgrown lawn, broken window and abandoned car in the driveway.
Let the fines begin.
This is a good idea; more cities/towns should be doing this. The more expensive it is for banks to hold properties, the faster they will resell them, which means better neighborhood communities, more city revenue, and more affordable housing; a win-win-win situation. Plus, as if that wasn’t enough, it will also generate some local entry-level employment for the area, which is also great.
I’m all for the police getting involved. I just hope they and DAs can start indicting and arresting some of the tens of thousands of criminals who caused this epic collapse.
Those criminals are still out here walking around, planning new Ponzi schemes.
She’s pretty cute. I’m going speeding in Indio.
This should have been done since the beginning, IMHO. The banks desperately need to be pushed to maintain these homes and get them on the market ASAP, so they can be occupied by families who will care for these houses.
Yow, send Jennifer over to arrest me.
This is a tough one. I can see why this is good, but fining large banks like Citi is basically asking for money they don’t have. They’ll just need more money from the government to pay these fines. In the end, the city of Indio isn’t sticking it to the banks, they’re just sticking it to the taxpayers.
And while it would definitely be nice for the banks to move these along, I don’t think it’s gonna happen. They either can’t or don’t want to.
Having a lawn in Indio should be a crime. The spray paint lawn guy from Lake Elsinore needs to expand his business to the Palm Springs area.
Bah, this will do little. It’s sad but true. The banksters already have a strategy for dealing with this. They don’t change the title when they forclose on the owner. So the old owner technically still “owns” the property even though the former owner ls long gone. So the fines and potential arrest fall on the old owner, not the bank. See how sweet that is?
Oh, and if you it’s easier to fine citibank than some schlub in Indio, I would suggest that you’re wrong.
Make no mistake, until branch offices of companies such as citibank starting spontaneously catching fire, we won’t see any significant action on this. The banksters are firmly convinced time is one their side and, with the help of local, state and federal legislatures, they’re probably right.
Looks like banks will have to realize the losses soon.
“Having a lawn in Indio should be a crime.”
Nah, it just means that water is not priced properly.
Did somebody say dessert ? MMMmmmm!
Im kinda digging Jennifer the Cop.
Chula Vista (believe it or not) has been enforcing code violations for about a year, especially as it pertains to vacant properties, green pools, overgrown/brown yards, et al. A vacant property must have a property manager contact visible from the front of the property.
I am shocked and amazed! I thought the hottest female cops would be on the coast. Looks like I was way off. To be kind to the other female cops, I will just say they typically don’t look like Heather Locklear or was that Heather Thomas from the TV show T. J. Hooker.
As for the content of the segment, way to go Indio!
The reason why so many banks feel like time is on their side is because our government is lending them money at basically zero rates. They have no incentive to liquidate to free the capital contained their-in because they’re getting more “liquid” from the government than they even want.
We need to move these properties into private hands that will take care of them.
ice weasel,
how do the banks not transfer title to themselves when they foreclose? So you’re saying at the trustee sale to third party, it shows as a transfer from the original owner to the third party?
The REOs I’ve been following have all been “sold” to the banks (and their courthouse-steps-sales have been showing up in Redfin, etc). Then the trustee sales is shown from Bamk to 3rd party.
While they are only updated monthly, you can usually track this on the online Grantor/Grantee index from the county.
Do you live outside SD county where it might be handled differently?