Klein Holds Property Managers Accountable

Klein Property Preservation Law Succeeds In Removing Dangerous Situation 

VAN NEST, BRONX, N.Y. –  Senator Jeffrey D. Klein (D-Bronx/Westchester) announced today that his office has been successful in seeing to the removal of an illegally constructed deck that had posed a serious fire hazard to the Van Nest community. The foreclosed property, located at 840 Van Nest Avenue, is currently managed by Carrington Mortgage Services, LLC. At Senator Klein’s insistence, Carrington recently removed the illegally constructed deck which had been built upon an existing kitchen. The dangerously situated deck was a concern to many in the area in light of the recent and devastating four alarm fire on the same block. The successful removal illustrates the importance of property preservation legislation introduced by Senator Klein in the state legislature—and enacted into law—last year. Klein's landmark legislation requires banks and lending institutions who reclaim foreclosed properties to maintain their assets up to code. 

In April, neighborhood resident Patti Doyle reached out to Senator Klein’s Office to express her concerns about the shoddily constructed deck atop the property.  Around the same time, the NYC Department of Buildings visited the home and issued a violation for the deck’s construction, which was carried out without the required approval of DOB.

Klein and his staff investigated the matter and discovered that Wells Fargo was listed as the owner of this property, with Carrington as the property manager.  Upon learning this information, Klein reached out to Carrington and brought his and the community’s concerns to their attention. Within days of Senator Klein’s call, Carrington dispatched a construction crew to remove the deck from the property.  The work was completed just days ago.

The recent four alarm fire originated on the same block at nearby 726 Van Nest Ave.

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LIU STATEMENT ON PROTESTS AT WELLS FARGO ANNUAL SHAREHOLDER MEETING

 

 New York City Comptroller John C. Liu issued the following statement in response to protests at Wells Fargo’s annual shareholder meeting:

  “We understand the sentiments voiced by the protestors.  As a long-term shareowner, the NYC Pension Funds have asked in vain for the firm to root out and correct systemic flaws in its mortgage and foreclosure practices,” Comptroller Liu said.  “Today we repeated that request for the second year in a row.  Until Wells Fargo and other large banks conduct independent audits of their housing-related policies, investors will lack assurances that they and the larger public are safeguarded against further economic damage. Today’s protests should remind these banks that if they fail to improve future practices, their reputations and financial performance will suffer accordingly.”

BACKGROUND:

New York City Comptroller John C. Liu serves as the investment advisor  to, custodian and trustee of the New York City Pension Funds. The New York City Pension Funds are composed of the New York City Employees’ Retirement System, Teachers’ Retirement System, New York City Police Pension Fund, New York City Fire Department Pension Fund and the Board of Education Retirement System. The New York City Pension Funds hold 13,067,127 shares of Wells Fargo, valued at $427,164,381.63 as of
4/23/2012.

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