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City loses money as lenders abandon foreclosed properties

Milwaukee Journal Sentinel reporters Cary Spivak and Ben Poston uncovered the latest fallout from the mortgage crisis: foreclosed properties abandoned by lenders, also known as "walkaways." Using city and county databases the reporters found that walkaway properties were already costing the city of Milwaukee more than $400,000 in back taxes, fees and demolition costs. The properties are also causing distress and assorted problems in neighborhoods throughout the city.

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