A simple matter of word association.
"Hit with foreclosures, Bank of America donating, demolishing homes" by July 28, 2011|By Lindsey Rupp, Bloomberg News
NEW YORK — Bank of America Corp., 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.
First thing I thought of when I saw the word.
The biggest US 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., Citigroup Inc., JPMorgan Chase & Co. and Fannie Mae are conducting or considering their own programs.
Disposing of repossessed homes is one of the biggest headaches for lenders in the United States, where 1,679,125 houses, or one in every 77, were in some stage of foreclosure as of June, according to research firm RealtyTrac Inc.
Yeah, the poor banks who seized homes on false pretenses.
The poor banks that f***ed you over on loan modification.
The poor banks that bundled all this s*** together and then made a bundle selling it to you.
The prospect of those properties flooding the market has depressed prices and driven off buyers concerned that housing values will keep dropping.
“There is way too much supply,” said Gus Frangos, president of the Cleveland-based Cuyahoga County Land Reutilization Corp., which works with lenders, government officials, and homeowners to salvage vacant homes. “The best thing we can do to stabilize the market is to get the garbage off.”
You lived in a garbage home so you must have been garbage, huh?
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The tear-downs are in varying states of disrepair, from uninhabitable to badly damaged.
Weather-related, or.... ??
Bank of America spokesman Rick Simon said some are worth less than $10,000, and it would cost too much to make them livable.
“No one needs these homes, no one is going to buy them,” said Christopher Thornberg, partner at the Los Angeles office of Beacon Economics LLC, a forecasting firm. “Bank of America is not going to be able to cover its losses, so it might as well give them away.”
Donating a house may create an income tax deduction, said Robert Willens, an independent accounting analyst in New York. A bank might deduct as much as the fair market value if a home was not acquired with the intent of knocking it down, he said....
I KNEW they were not doing it out of the goodness of their hearts.
The knockdowns are not likely to outpace foreclosures, said Rick Sharga, RealtyTrac’s senior vice president. Foreclosures may accelerate as banks clear a backlog caused by soft real estate markets and legal disputes over tactics used to seize homes....
Yeah, the USE of FRAUDULENT DOCUMENTS and other things is RARELY DISCUSSED in my BANKER'S PAPER! Probably why I am so sick of reading them.
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