U.S. Bancorp (USB) is sued by Los Angeles, one of its units accused of being one of the city's...


U.S. Bancorp (USB) is sued by Los Angeles, one of its units accused of being one of the city's biggest slumlords and contributors to blight. The bank has taken title to more than 1.5K properties and "disregarded" its legal duties as owner, alleges L.A. USB insists it's the servicers, not the trustee who have responsibility over the homes.

From other sites
Comments (2)
  • Tony Petroski
    , contributor
    Comments (6356) | Send Message
     
    All building owners know that their "legal duties as owner" is to get soaked by the sinking municipality that happens to have jurisdiction over the property. L.A. going the way of Detroit.

     

    "Buildings don't make a slum, people do."
    -- Albert Einstein

     

    "I never saw a building smoke crack."
    -- Anonymous, reacting to a news show deriding "Crack Houses."
    17 Jul 2012, 12:08 PM Reply Like
  • gh1616
    , contributor
    Comments (864) | Send Message
     
    Right on Tony.....

     

    This is a BS shakedown lawsuit looking for a financial settlement.
    17 Jul 2012, 08:40 PM Reply Like
DJIA (DIA) S&P 500 (SPY)
ETF Hub
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs