Bank of America taking bulldozer to foreclosed houses
Bank of America, 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, Citigroup, JPMorgan Chase and Fannie Mae are either conducting or considering their own programs.
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