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Economy and Business


Ohio says locals should get a piece of the JP Morgan foreclosure settlement
Advocates say they've been dealing with the mess, and know the solutions
Story by NICK CASTELE


 
Jim Rokakis says local communities know best the way to deal with the mess left by mass foreclosures.
Courtesy of FILE PHOTO
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In The Region:

A group of current and former elected officials in Ohio are hoping the state will get a chunk of last year's $13 billion settlement between JP Morgan Chase and the U.S. Justice Department. For Ohio Public Radio, WCPN’s Nick Castele reports they've asked the company to set aside money to demolish vacant houses.

LISTEN: Ohio's plans for a share of the JP Morgan settlement

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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, prevent future foreclosures and revamp vacant land.

The proposal has the support of 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,” he says. “We’re the folks on the ground who understand the impact of this disaster.”

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.

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