New York seeking to hold banks responsible for 'abandominiums'

About 15,000 zombie foreclosures — homes in foreclosures that have been vacated by their owners — continue to plague localities around New York state, The New York Times reports, citing RealtyTrac data.

Now, the state’s attorney general is seeking to tackle the problem. Today, he is expected to outline legislation designed to hold banks responsible for maintaining the properties, which can attract homeless people, drug addicts and even prostitutes, according to the Times.

But the Times said such legislation faces some obstacles, not the least of which is disagreement over what constitutes an “abandominium.”

Source: The New York Times