U.S. banks start to demolish foreclosed properties

Vittorio Hernandez - AHN News

Cleveland, OH, United States (AHN) - Some U.S. banks have started to demolish foreclosed properties and are even paying for the cost, which saves the financial institutions from maintenance, taxes and real estate marketing expenses.

In some areas, the properties that were demolished became community parks, church extensions and parking lots.

In Ohio, the company that is charged with razing the foreclosed homes is the Cuyahoga County Land Reutilization Corporation, which was created by a 2009 state law and tasked with creating land banks.

Other states such as New York, Georgia and Philadelphia are using the Ohio model to put up similar organizations.

Lenders and mortgage firms are also donating properties to land banks. Bank of America and Well Fargo said they will donate over 100 properties to land banks. JPMorgan Chase has made regular donations and Fannie Mae donates about 30 properties monthly.

While disposing of unwanted properties on their hands, the banks are also battling lawsuits over securities fraud claims filed by states and municipalities despite the lenders having settled some of the complaints.

Bank of America and JPMorgan are negotiating an agreement with state attorneys general and federal officials that would fund loan modifications for homeowners and set requirements on how the banks should conduct foreclosures.

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Revamped Flyers hope van Riemsdyk drives team deep into playoffs

 

Ed Condran - AHN Sports Correspondent Phildelphia, PA, United States (AHN Sports) -
 There weren't many positives to take from the Flyers bitterly disappointing playoff run last spring. The orange and black barely eked out an opening round win against the Buffalo Sabres and they were swept by the Boston Bruins in the next round.
However, the silver-lining in the dark cloud is the emergence of James van Riemsdyk. The Flyers highly touted number two overall pick from the first round of the 2007 Entry draft finally came of age during the playoffs.
Van Riemsdyk scored seven goals in 11 tense games. The dynamic 22-year old winger signed a six-year $25.5 million extension. His play wasn't enough to help the Flyers return to the Stanley Cup finals. However, his performance was enough to inspire general manager Paul Holmgren to revamp his team.
The Flyers traded captain Mike Richards and their top goal scorer Jeff Carter for youth and the ability to free up cap space to sign shutdown goalie Ilya Brezgalov.
"The deal worked out really well for me," van Riemsdyk said. "This is a great organization and I love being a Flyer."
Van Riemsdyk grew up in Middletown Township, New Jersey, which is only 60 miles away from the South Philadelphia sports complex that the Flyers have called home since its inception in 1967. "I had no problem leaving the Rangers behind," van Riemsdyk said.
"It's great being a Flyer and to be able to be a Flyer for years to come. I miss the guys (Richards and Carter) who are no longer here. I learned a lot from them but this is a business. You never know what's going to happen but I'm glad to be here. I think we have a very good team."
The Flyers, who are 3-0-1, had a major facelift during the off-season. Such newcomers as veteran scoring ace Jaromir Jagr, Jakub Voracek and 18-year old first round draft pick Sean Couturier each had points in a win last Thursday in a highly entertaining win over the Vancouver Canucks.
"There's certainly a lot of talent on this team," van Riemsdyk said. "It's not surprising that we're off to a good start."
Van Riemsdyk scored his first goal of the season against the Canucks. "It felt good to be able to do that," van Riemsdyk said. "It felt good to score.. Hopefully I'll have many more goals this season."
The Flyers are counting on van Riemsdyk, Claude Giroux, Danny Briere, Wayne Simmonds and Jagr to find the back of the net often to offset the production that Richards and Carter generated.
"I'm confident that we'll be fine this season," van Riemsdyk said. "Aside from the talent, we're gelling really well right now and it's early. We feel very comfortable with each other. Who knows if the chemistry will be there when you have so many new guys on the team but it's there already with us I think this is going to be a memorable season."
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