Chicago Lawmakers To Offer 5% Kickbacks For Reporting Vacant, Deteriorating Foreclosures In Effort To Persuade Lenders Into Maintaining REOs???

In Chicago, Illinois, CBS2chicago reports:

• Ratting out your neighbors could have its rewards – at least when it comes to those living near crumbling, foreclosed homes. As CBS 2's Kristyn Hartman reports, tell the city about one and you could get paid – if an ordinance one alderman is set to propose, passes. "Our neighborhoods are becoming ghost towns," said Action Now President Michelle Young.

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• The problem is making someone maintain a place during the sometimes lengthy foreclosure process. Their plan would put it on the banks. Young said, "They wanted it back. They should maintain it."

• Chicago's 3rd Ward Alderman Pat Dowell likes the idea so much, she's pitching it as part of a three-point plan. "It increases fines for neglect by almost five times," said Dowell. And if you report problem properties, you might get a finder's fee – 5 percent of the fine. So, rat on a neighbor and cash in. Dowell said, "What neighbor? It's ratting on the bank, and that's how it should be until they can show they can be more responsible." Dowell will propose the ordinance next week.

For more, see Ratting Out Your Neighbors May Earn You Cash (Propsed Ordinance Would Reward Snitching On Foreclosed Homes).