Groups Vie For $13 Billion JPMorgan Chase Settlement to Demolish Vacant Houses
A group of current and former elected officials in Ohio are hoping the state will get a chunk of last year's 13 billion dollar settlement between JP Morgan Chase and the Justice Department.
The plan asks for $200 million to go to Ohio, most of it to knock down houses that the foreclosure crisis left empty and deteriorating. Other funds would support renovation, preventing future foreclosures and revamping vacant land.
It’s got support from Congresswoman Marcy Kaptur and Ohio’s two senators, Sherrod Brown and Rob Portman.
Former Cuyahoga County Treasurer Jim Rokakis heads the Thriving Communities Institute, which wrote the plan. He says JP Morgan Chase should give locals discretion over the money.
“They helped to create this mess, and if they’re serious about a solution, then they have to listen to us, because we’re the folks on the ground who understand the impact of this disaster,” says Rokakis
A spokeswoman for JP Morgan Chase wouldn’t say whether the company supports the idea. An emailed statement says part of the settlement money is “designed to go directly to struggling homeowners and prospective homebuyers” and makes no mention of demolitions.