The bank’s model incentivized eviction and neglect. Something had to give.
that banked with Signature for tricking tenants out of their leases, illegally destabilizing units, and falsifying documents to the state.
Within 24 hours of the FDIC’s takeover, Barika Williams, executive director of the Association for Neighborhood and Housing Development, which led campaigns against these loan practices, put out a statement on behalf of the organization calling Signature’s collapse “.” “Their multifamily lending was a huge problem and built on this very unstable house of cards and predatory practices,” said Williams.
That’s one reason why New Economy’s Spisak and Goldin are anticipating that some of the landlords who relied on Signature may be going into foreclosure in the next few years. That can be a crisis for tenants, but it can also be an opportunity, said Goldin, who is helping push the city and state to pass bills that would make it easier for, like the Tenant Opportunity to Purchase Act, which gives renters the first rights to a building put up for sale by their landlord.
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