The city of Los Angeles is attempting to sue Deutsche Bank, the owner of thousands of foreclosed and blighted homes in the city. If it works, other cities could follow.
This report from Marketplace looks at the city's attempt to sue the global bank, and whether or not it will work.
"It alleges that the owners of neglected, foreclosed homes are the ones that should pay damages for the blight. Los Angeles Deputy City Attorney Julia Figueira-McDonough says at hundreds of foreclosed homes in the city, that title owner is Deutsche Bank.
Julia Figueira-McDonough: The buck stops with the owner. They're the owner, that's the end of the story. They have the obligations that any property owner would have under federal state and municipal law.
In a statement, Deutsche Bank said it's just the owner of record. It says by contract, loan servicers are responsible for maintaining foreclosed properties."
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