Items Tagged with 'Springfield'

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  • Study: Vacant and Abandoned Properties Cost Ohio $64 Million

    Abandoned homes and vacant lots are much more than an eyesore in major urban areas of Ohio -- a new study released Tuesday finds that they're costing city governments at least $64 million per year. The total is likely much more than that figure, according to a study by the Community Research Partners of Columbus, which said Tuesday that the cost may actually be 10 times greater once the costs to all cities and towns in Ohio are fully accounted for -- and if cities uniformly inventoried all of the vacant and abandoned property within their jurisdictions.
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  • Massachusetts Sues Merrill Lynch on CDO Sales

    Massachusetts' top securities regulator said on Friday that the state had sued Merrill Lynch over CDOs sold to the city of Springfield, Mass. In a complaint filed by Secretary William Gavin's office, the state said it is seeking an order "to disgorge all profits attributable to the alleged wrongdoing," as well as calling for an independent consultant to review "systemic supervisory breakdowns and incentives within Merrill that allowed the alleged wrongdoing to occur."
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  • Merrill To Reimburse City for 'Unauthorized' CDO Purchase

    Bloomberg reported Friday that Merrill Lynch agreed to pay Springfield, Mass. $13.9 million to settle a dispute over mortgage-related CDOs it sold the city. Merrill said it agreed to refund the city's money after finding that the original purchase was made without the city's consent. From Bloomberg: Springfield bought its CDOs between April and June of last year from Merrill, according to city records. The value of those securities fell to $1.3 million in November ...
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