Angered at the sight of vacant, decaying properties draped in weeds and scarred by graffiti, the City of Los Angeles is suing German banking giant Deutsche Bank for negligence. The City claims that the bank, which holds titles to various foreclosed homes and apartment complexes all over L.A., had an obligation to oversee the upkeep of the properties in order to prevent their becoming eyesores and safety hazards.
Take a look at the mess:
Pretty bad, right? There’s no question that sights like these are hurting surrounding property values.
Deutsche Bank claims that they aren’t responsible – the loan servicers are. While that might be technically true, the City of L.A. isn’t buying it.