As well as restoring abandoned properties
to a modern and comfortable state, it enabled families who could not otherwise afford a home to get on the housing ladder.
It is designed to address leftover impact of the 2008 foreclosure crisis, which left many communities in Illinois with abandoned properties
According to a report in the Business Insider , some of the villages as well as the rural hamlets in the country are selling of the abandoned properties
for as less as 1 Euro (Dh4.16).
According to councillors, the abandoned properties
create an unsafe environment in residential neighbourhoods with rodent infestations, environmental hazards, immoral activities and even crimes.
There, the Department of Financial Services posts a "Zombie Property Database" website, relating to vacant and abandoned properties
. It also has an expedited "Zombie Property Foreclosure" homepage, which alludes to a new law to expedite foreclosures and sales.
The Coppell, Texas-based mortgage servicing company has agreed to donate USD5m in addition to the fine to local non-profit organisations working to rehabilitate abandoned properties
Under the consent order with DFS, Nationstar will also donate $5 million in residential real property or first-lien mortgages to one or more non-profit organizations to assist in the rehabilitation of vacant and abandoned properties
. DFS uncovered numerous deficiencies and violations of Banking Law during examinations of Nationstar's servicing and origination operations.
Many of these organizations are forced to deal with the unsightly reality of vacant and abandoned properties
, which not only sit idle and devalue surrounding properties, but also break down community relationships and pride.
The committee also discussed the financial fraud related to Abandoned Properties
Organisation (APO) amounted to Rs1.925 billion.
For example, while abandoned properties
turned into breeding habitats in poorer neighborhoods, excess water from residential lawn care created breeding habitats in richer areas.
The officials of Cabinet Division, Ministry of Law and Justice, Pakistan Telecommunication Authority (PTA), Oil and Gas Regulatory Authority (OGRA), National Electric Power Regulatory Authority (NEPRA), Public Procurement Regulatory Authority (PPRA), Intellectual Property Organisation, Bait-Ul-Mal, Abandoned Properties
Organization (APO) and Frequency Allocation Board (FAB) briefed the committee regarding their rules, regulations and acts.