Cole supports fining absentee lender-owners

Councilmember Laketa Cole has introduced a motion asking the City to begin fining banking institutions for not maintaining their foreclosed properties.

In cases where the owners can be identified, fines may eventually lead to criminal cases in Housing Court.

However, the fines are usually a minor slap on the wrist to the larger banks, and there is little evidence showing that they encourage compliance.

Some banks also have been overwhelmed with a glut of foreclosed homes and lack the resources to properly care for them.

Cole's motion does not mention property liens, which could be utilized to take control of blighted properties from inattentive owners.

A report from the Office of the City Manager is due back before council in mid-June.