Discussion on:

10 million vacant properties plague U.S. cities

I saw a feature on this last night on 60 Minutes. The banks created the problem, evict the families living in the homes and then abdicate responsibility for maintaining the foreclosed properties they own--leaving the burden on the cities and affected neighborhoods. This is a disgrace.

You point a light where needed. Now, get some real interest in grace going so the impact of dis-grace would be enough to get businesses in action or NOT take certain actions... That seems to be a gap we as a people need to cross...

Indeed, banks mortgaged properties to people at high-risk of being unable to pay, especially with escalating interest terms. Tossing them out means the banks get zero income from their properties, increased maintenance costs, and more often than not, the state gets to pick up the cost of emergency housing for the evictees. Somehow a contract formula for using the properties they bought so they could live in and care for them at a reduced rate for a defined term would make more sense and humanity. Current practice makes no sense for anybody!

Not to either agree or disagree with the preceding comments, but the answer to the question is that the banks (or finance companies) that made the original loans sold the loans years ago. The loans were then divided into pieces that were then combined into packages of many such pieces - Mortgage Backed Securities - for sale to investors.

While 10 mil vacant properties are one statistic, the whole situation has underlying problems.

Jobs, pay, and the lack thereof...

And, depending on property, the fact that construction companies went ape in building oversized, poor-quality buildings...

And, of course, adjustable rate mortgages...

Not only are there a lot of properties left vacant, a lot of those are being invaded by copper thieves who will rip out walls to get to the copper wiring and plumbing to scrap and recycle.

on condition that they maintain the buildings. That would be a good move for everyone, poor, homeless, propertyowners and cities alike. It's much better that letting them fall apart anyway.

Give the properties to the homeless and small businessman we have people in tent cities and entrepreneurs who would be thrilled to have these buildings . And why aren't city, state and federal government going after the banks and prior owners over this ? and why aren't people demanding something be done .