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California calls U.S. bank a 'slumlord' for shady practices

Posted: July 19, 2012 |   Comments

LOS ANGELES (CN) - California says U.S. Bank National Association neglects hundreds of foreclosed properties and uses shady practices to evict hundreds of tenants from rental units, making it "one of the largest slumlords in the City of Los Angeles."

Los Angeles prosecutors, on behalf of the state, sued dozens of U.S. Bank trusts that hold title to more than 1,500 foreclosed properties in the city.

In a news release, the city attorney's office said U.S. Bank could be liable for hundreds of millions of dollars for allegedly allowing more than 170 properties to fall into disrepair.

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