Study: Foreclosure Crisis Affecting Mpls Public Schools

MINNEAPOLIS (WCCO) – A local group is saying that big banks, like Wells Fargo and U.S. Bank, aren’t doing enough to help families in foreclosure.

Minnesota’s chapter of Neighborhoods Organizing for Change released the details of a study Monday on foreclosed homes in Minneapolis, and the group concluded that the foreclosure crisis is impacting Minneapolis Public Schools (MPS).

Steve Fletcher oF Neighborhoods Organizing for Change said, “It has cost Minneapolis Public Schools $150 million to live through this foreclosure crisis. That’s money we could have used to help close the achievement gap; that’s money we could have used to keep some of these schools open.”

The group is asking the state to require mortgage servicers to help homeowners before they reach the point of foreclosure.

Since 2006, 13,000 homes gone through foreclosure in Minneapolis, and an estimated 4,000 students have had to move out of the MPS district, resulting in significantly less state funding for the district, the group’s report said.

  • Kevin

    Ummm….your kidding me right? So….we should continue the problems by giving more loans to those who should have never gotten one in the first place? Oh…Ok….that makes sense….didnt Obama promise to make the black communities thrive?

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  • jack

    I don’t get this at all. If people left the district and went somewhere else then the new district would get more money. Whats the point? People move all the time. It sounds like another plea for handouts using the banks as an excuse. What is wrong with people

  • See BS

    I think it’s the other way around, I think Public Schools are hurting and looting people in North Minneapolis.

    150 million dollars eh’? Imagine the jobs you can create for low income people with 150 million dollars?

    This nerdy white liberal dude is trying to incite civil unrest in the black community because no one showed up for the Occupied Minnesota rally.

    Freddie and Fannie are the Democrats enron scandal and this is exactly what they did to make banks give out bad loans.

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