B of A Donates Then Demolishes Houses to Cut Glut of Foreclosures

”The best thing we can do to stabilize the market is to get the garbage off.”

Palm Coast, FL – July 29, 2011

Bank of America Corp. (BAC), faced with a glut of foreclosed and abandoned houses it can’t sell, has a new tool to get rid of the most decrepit ones: a bulldozer.
The biggest U.S. mortgage servicer will donate 100 foreclosed houses in the Cleveland area and in some cases contribute to their demolition in partnership with a local agency that manages blighted property. The bank has similar plans in Detroit and Chicago, with more cities to come, and Wells Fargo & Co. (WFC), Citigroup Inc. (C), JPMorgan Chase & Co. (JPM) and Fannie Mae are conducting or considering their own programs.
Full Story >>>> Bloomberg [7/27]
2 replies
  1. John Boy
    John Boy says:

    Blow them up

    The bank not the homes. These fools should be giving these homes to people who will maintain them and live in them for 10 years or so. Stop the tax giveaways to the banks and they will stop this program.

  2. Shirley
    Shirley says:

    Uncaring Greed

    Banks bulldozing the foreclosed homes!!!! This is more than ridiculous. Due to unemployment and hard times, many families are forced from their homes and in many cases join the already large population of the homeless. There are families living in cars. We send millions of dollars to help house people in other countries, while bulldozing homes some of our people could be living in while they struggle to get back on their feet. What is wrong with this picture? Shirley

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