11-29-2011
http://usnews.msnbc.msn.com/_news/2011/11/29/9099162-foreclosure-fraud-whistleblower-found-dead
A notary public who signed tens of thousands of false documents in a massive foreclosure scam before blowing the whistle on the scandal has been found dead in her Las Vegas home.
NBC station KSNV of Las Vegas reported that the woman, Tracy Lawrence, 43, was scheduled to be sentenced Monday morning after she pleaded guilty this month to notarizing the signature of an individual not in her presence. She failed to show up for her hearing, and police found her body at her home later in the day.
It could not immediately be determined whether Lawrence, who faced up to one year in jail and a fine of up to $2,000, died of suicide or of natural causes, KSNV reported. ?Detectives said they had ruled out homicide.
Lawrence came forward earlier this month and blew the whistle on the operation, in which title officers Gary Trafford, 49, of Irvine, Calif., and Geraldine Sheppard, 62, of Santa Ana, Calif. — who worked for a Florida processing company used by most major banks to process repossessions — allegedly forged signatures on tens of thousands of default notices from 2005 to 2008.
Trafford and Sheppard were charged two weeks ago with 606 counts of offering false instruments for recording, false certification on certain instruments and notarization of the signature of a person not in the presence of a notary public. You can read a .pdf version of their indictment here.
Police said at the time that the alleged scam had thrown into question the legality of most Las Vegas home foreclosures in the past few years, leaving many people living in foreclosed-upon homes that they unknowingly don't actually own.
"I would suggest you review your documents and bring them to an expert and an attorney," said John Kelleher, chief deputy attorney general for Nevada's fraud unit.
Showing posts with label Foreclosure. Show all posts
Showing posts with label Foreclosure. Show all posts
Friday, December 23, 2011
Occupy Our Homes
J.A. Myerson, Truthout
Wednesday 7 December 2011
http://truth-out.org/occupy-our-homes/1323268606
Yesterday, no one had lived in 702 Vermont Street for three years. Vermont Street sits in East New York, the Brooklyn neighborhood where foreclosures are five times more frequent than in the rest of the state. Today, Alfredo and Tasha and their son and daughter moved in, with the help of a number of friends whom they'd never met. Some were from the advocacy groups Picture the Homeless and Vocal New York, others were clergy or members of the city council. They had been organized and brought together by Occupy Wall Street for a national day of action to promote foreclosure resistance, an event kicking off a project they call Occupy Our Homes.
Alfredo, Tasha and the kids, way back yesterday, were homeless, having been foreclosed upon by a bank and hundreds upon hundreds of people who had never heard of them came to East New York today to get them a home. Occupy Wall Street is itself somewhat homeless these days, having been evicted from Zuccotti Park on the orders of the 12th-richest man in the United States. A few weeks ago, the media tycoon in question deployed what he openly calls his "army" to dispossess the occupation, including, naturally, everyone who called it their home. Much wondering has been going on in the press about what Occupy Wall Street would do now that it was homeless. Today's answer seems to have been: get other people homes.
The few hundred activists marched through the streets of East New York and took a tour of the foreclosed properties in the area, which is very easy to do, since they are everywhere. "On every block, we have one or two homes either for sale or in foreclosure," Lorraine, who lives in the neighborhood, told me. "I think we have three houses for sale on my block alone."
On the Upper West Side, there are always street fairs. There are museums and libraries and there are parks and concert venues. And on the Upper West Side, there are places for kids to go after school and there are places for people who want to get healthier to exercise. On the Upper West Side, there are churches made of stone. In East New York, there is a church called Hope Christian Center, which looks like an abandoned office building, the paint on the façade stripping away to reveal the brick beneath.
"There's nothing to do here," said longtime East New Yorker Corinne Gonzales, who attributes the many people who watched the march from their windows to this. Revealingly, it was at their windows where people found themselves on a chance Tuesday afternoon in this neighborhood and not, perhaps, at work. Many of them joined the march, which, at its peak, swelled to what was widely estimated to include 1,000 participants - on a Tuesday afternoon in the rain.
Corrine had never seen anything like it. News cameras and satellite vans don't come here, except, occasionally, in the case of a shooting. Now, they'd come here to document the difficulty of a life of poverty and the attempt to change that dynamic. If Occupy Wall Street had chosen to do something else today, another day would have gone by in which no one in the media or politics paid any attention to East New York.
"It's not fair to us low income families," Corrine told me. "Everybody's talking about middle class. Middle class? What about us? We got children. It's not fair to us. And I thank God that you guys came out today to represent us low income families. And I appreciate it very much."
Some activists brought housewarming gifts for the new residents of 702 Vermont Street. Yates McKee, 32, marched carrying a large houseplant. "A plant is important because it's something that helps make it a nice environment," he told me. "It's also a metaphor for sustaining life."
Lorraine had brought brownies. She started a "part-time cooking thing" to make extra money before she lost her job. "They're free," she said, offering me one. "It might energize you, with a little sugar. I have a sweet tooth." These brownies were to welcome the activists who had come to help, though the baker herself faces foreclosure. "Any person at this point is one step away from being jobless and homeless," she remarked. "It's a reality. This is the life that we're living right now. It's like this is what we worked for, all those other years. This is the point that we've come to."
If anybody wanted demands, they were clear today. As Brian Gibbs of Picture the Homeless said by way of the people's microphone, "What we need is real, affordable housing now. It has to change." Gibbs was once homeless on the street and spoke of the police harassment routinely visited upon him and others in his situation. "The problem with homelessness is that people get so desperate, they are willing to risk arrest in order to get off the streets," he told the crowd.
At one stop along the tour, a young man named Quincy, who works as a part time plumber, took the people's mike. "I was tricked into signing over my deed," he confessed. "Now I'm getting evicted. I have a loan of $475,000."
Standing beside him, his city council member, one-time Black Panther Charles Barron, announced, "We will not let this young man lose his home. We've stopped other foreclosures and we're going to stop this one." Thereupon, Quincy began to weep, the friends and comrades he never knew he had gathering around him to place their calming hands upon his shoulders and his arms and his head. He didn't know they were out there, but 1,000 people ready to protect his home happened to be around the corner the day upon which he was getting foreclosed.
As Quincy wrapped up his remarks, a cry from the crowd drew everyone's attention to another longtime resident of the neighborhood, who told the story of having bought her house in 1997, putting $80,000 down. She'd been working two jobs all of her life and had paid her mortgage responsibly, putting down months in advance when she went on vacation. Her son did four years in Kuwait and four years in Iraq and now he's dead. The Pentagon, the woman said, doesn't know whether he died by enemy bullets or friendly fire. Since then, she's become sick and the bills for her medical treatment have ruined her hopes for paying off the rest of her mortgage. Crying to the sky, she asked again and again, "How am I going to do it?"
At the march's destination, balloons announced the block party to be thrown for the incoming neighbors. A tent appeared on the roof, on which was scrawled, "You cannot evict an idea whose time has come." Remarks were shared by, among others, Alfredo, a 27-year-old community organizer around stop and frisk, and Tasha, whose shyness in the face of the people's microphone moved her to nervous giggles and a swift conclusion to her brief thanks.
I went into 702 Vermont Street with the Occupy Wall Street Sanitation Working Group, who entered before anyone else to get the house ready to be, so to speak, occupied. This was a formidable charge. It very much seemed to one as though the people who left 702 Vermont Street did so in a big hurry. Crumbled dry wall, copious mold, piles of refuse - the house might as easily have been Sarajevo in 1996 than in the same city as Wall Street in 2011.
The sun set over Vermont Street behind the clouds, steadily drizzling on the block party. Eventually, Bloomberg's army, consisting of quite a smaller number of people when there wasn't rich people's property to protect, asked the block party to stick to the sidewalk, and the event drew to a close, teams of occupiers agreeing to stay with Alfredo and Tasha and with Quincy for the night, vowing to put their bodies between the residents and anyone attempting to turn them into something else.
The police's boss has $19.5 billion. He's got places to stay all over the world, luxury townhouses in the swankiest neighborhoods in the finest cities in the world and sprawling mansions in lush paradises in the tropics. And no one ever threatens to kick him out of any of them. For the time being, anyway.
This work by Truthout is licensed under a Creative Commons Attribution-Noncommercial 3.0 United States License.
J.A. Myerson is an independent journalist who is involved in the Media and Labor Outreach committees at Occupy Wall Street.
Wednesday 7 December 2011
http://truth-out.org/occupy-our-homes/1323268606
Yesterday, no one had lived in 702 Vermont Street for three years. Vermont Street sits in East New York, the Brooklyn neighborhood where foreclosures are five times more frequent than in the rest of the state. Today, Alfredo and Tasha and their son and daughter moved in, with the help of a number of friends whom they'd never met. Some were from the advocacy groups Picture the Homeless and Vocal New York, others were clergy or members of the city council. They had been organized and brought together by Occupy Wall Street for a national day of action to promote foreclosure resistance, an event kicking off a project they call Occupy Our Homes.
Alfredo, Tasha and the kids, way back yesterday, were homeless, having been foreclosed upon by a bank and hundreds upon hundreds of people who had never heard of them came to East New York today to get them a home. Occupy Wall Street is itself somewhat homeless these days, having been evicted from Zuccotti Park on the orders of the 12th-richest man in the United States. A few weeks ago, the media tycoon in question deployed what he openly calls his "army" to dispossess the occupation, including, naturally, everyone who called it their home. Much wondering has been going on in the press about what Occupy Wall Street would do now that it was homeless. Today's answer seems to have been: get other people homes.
The few hundred activists marched through the streets of East New York and took a tour of the foreclosed properties in the area, which is very easy to do, since they are everywhere. "On every block, we have one or two homes either for sale or in foreclosure," Lorraine, who lives in the neighborhood, told me. "I think we have three houses for sale on my block alone."
On the Upper West Side, there are always street fairs. There are museums and libraries and there are parks and concert venues. And on the Upper West Side, there are places for kids to go after school and there are places for people who want to get healthier to exercise. On the Upper West Side, there are churches made of stone. In East New York, there is a church called Hope Christian Center, which looks like an abandoned office building, the paint on the façade stripping away to reveal the brick beneath.
"There's nothing to do here," said longtime East New Yorker Corinne Gonzales, who attributes the many people who watched the march from their windows to this. Revealingly, it was at their windows where people found themselves on a chance Tuesday afternoon in this neighborhood and not, perhaps, at work. Many of them joined the march, which, at its peak, swelled to what was widely estimated to include 1,000 participants - on a Tuesday afternoon in the rain.
Corrine had never seen anything like it. News cameras and satellite vans don't come here, except, occasionally, in the case of a shooting. Now, they'd come here to document the difficulty of a life of poverty and the attempt to change that dynamic. If Occupy Wall Street had chosen to do something else today, another day would have gone by in which no one in the media or politics paid any attention to East New York.
"It's not fair to us low income families," Corrine told me. "Everybody's talking about middle class. Middle class? What about us? We got children. It's not fair to us. And I thank God that you guys came out today to represent us low income families. And I appreciate it very much."
Some activists brought housewarming gifts for the new residents of 702 Vermont Street. Yates McKee, 32, marched carrying a large houseplant. "A plant is important because it's something that helps make it a nice environment," he told me. "It's also a metaphor for sustaining life."
Lorraine had brought brownies. She started a "part-time cooking thing" to make extra money before she lost her job. "They're free," she said, offering me one. "It might energize you, with a little sugar. I have a sweet tooth." These brownies were to welcome the activists who had come to help, though the baker herself faces foreclosure. "Any person at this point is one step away from being jobless and homeless," she remarked. "It's a reality. This is the life that we're living right now. It's like this is what we worked for, all those other years. This is the point that we've come to."
If anybody wanted demands, they were clear today. As Brian Gibbs of Picture the Homeless said by way of the people's microphone, "What we need is real, affordable housing now. It has to change." Gibbs was once homeless on the street and spoke of the police harassment routinely visited upon him and others in his situation. "The problem with homelessness is that people get so desperate, they are willing to risk arrest in order to get off the streets," he told the crowd.
At one stop along the tour, a young man named Quincy, who works as a part time plumber, took the people's mike. "I was tricked into signing over my deed," he confessed. "Now I'm getting evicted. I have a loan of $475,000."
Standing beside him, his city council member, one-time Black Panther Charles Barron, announced, "We will not let this young man lose his home. We've stopped other foreclosures and we're going to stop this one." Thereupon, Quincy began to weep, the friends and comrades he never knew he had gathering around him to place their calming hands upon his shoulders and his arms and his head. He didn't know they were out there, but 1,000 people ready to protect his home happened to be around the corner the day upon which he was getting foreclosed.
As Quincy wrapped up his remarks, a cry from the crowd drew everyone's attention to another longtime resident of the neighborhood, who told the story of having bought her house in 1997, putting $80,000 down. She'd been working two jobs all of her life and had paid her mortgage responsibly, putting down months in advance when she went on vacation. Her son did four years in Kuwait and four years in Iraq and now he's dead. The Pentagon, the woman said, doesn't know whether he died by enemy bullets or friendly fire. Since then, she's become sick and the bills for her medical treatment have ruined her hopes for paying off the rest of her mortgage. Crying to the sky, she asked again and again, "How am I going to do it?"
At the march's destination, balloons announced the block party to be thrown for the incoming neighbors. A tent appeared on the roof, on which was scrawled, "You cannot evict an idea whose time has come." Remarks were shared by, among others, Alfredo, a 27-year-old community organizer around stop and frisk, and Tasha, whose shyness in the face of the people's microphone moved her to nervous giggles and a swift conclusion to her brief thanks.
I went into 702 Vermont Street with the Occupy Wall Street Sanitation Working Group, who entered before anyone else to get the house ready to be, so to speak, occupied. This was a formidable charge. It very much seemed to one as though the people who left 702 Vermont Street did so in a big hurry. Crumbled dry wall, copious mold, piles of refuse - the house might as easily have been Sarajevo in 1996 than in the same city as Wall Street in 2011.
The sun set over Vermont Street behind the clouds, steadily drizzling on the block party. Eventually, Bloomberg's army, consisting of quite a smaller number of people when there wasn't rich people's property to protect, asked the block party to stick to the sidewalk, and the event drew to a close, teams of occupiers agreeing to stay with Alfredo and Tasha and with Quincy for the night, vowing to put their bodies between the residents and anyone attempting to turn them into something else.
The police's boss has $19.5 billion. He's got places to stay all over the world, luxury townhouses in the swankiest neighborhoods in the finest cities in the world and sprawling mansions in lush paradises in the tropics. And no one ever threatens to kick him out of any of them. For the time being, anyway.
This work by Truthout is licensed under a Creative Commons Attribution-Noncommercial 3.0 United States License.
J.A. Myerson is an independent journalist who is involved in the Media and Labor Outreach committees at Occupy Wall Street.
Occupy’s next frontier: Foreclosed homes
A campaign to defend families from evictions and protest foreclosure fraud launches next week
Justin Elliott
Wednesday, Nov 30, 2011
http://www.salon.com/2011/11/30/occupys_next_frontier_foreclosed_homes
Occupy Wall Street is promising a “big day of action” Dec. 6 that will focus on the foreclosure crisis and protest “fraudulent lending practices,” “corrupt securitization,” and illegal evictions by banks.
The day will mark the beginning of an Occupy Our Homes campaign that organizers hope will energize the movement as it moves indoors as well as bring the injustices of the economic crisis into sharp relief.
Many of the details aren’t yet public, but protesters in 20 cities are expected to take part in the day of action next Tuesday. We’ve already seen eviction defenses at foreclosed properties around the country as well as takeovers of vacant properties for homeless families. Occupy Our Homes organizer Abby Clark tells me protesters are planning to “mic-check” (i.e., disrupt) foreclosure auctions as well as launch some new home occupations.
“This is a shift from protesting Wall Street fraud to taking action on behalf of people who were harmed by it. It brings the movement into the neighborhoods and gives people a sense of what’s really at stake,” said Max Berger, one of the Occupy Our Homes organizers and a member of Occupy Wall Street’s movement-building working group.
The backdrop for all this is a new study suggesting the foreclosure crisis is only half over, with 4 million homes in some stage of foreclosure. Meanwhile, reports of illegal or questionable behavior by banks and mortgage lenders continue to stream in.
Like many of the Occupy actions that have focused on specific policy questions, this one is being organized by established progressive and labor-affiliated groups along with their allies in the movement. Among the allied groups listed on Occupy Our Homes’ website, for example, are the New Bottom Line and New York Communities for Change. On the Occupy Wall Street side of things, members of the direct action working group and the movement-building group in New York have been involved in the project.
Occupy Our Homes’ website (which was registered by a former SEIU official staffer) has the trappings of a slick professional campaign, with videos featuring the stories of families facing foreclosures and a pledge visitors are encouraged to sign stating:
… that until the banks do their part to help homeowners and to fix the economy, by writing down mortgage principal to current home values, I will:
•I will support homeowners resisting wrongful foreclosure evictions.
•I will resist any attempt by the bank to take my home.
•If they come to foreclose, I will not go.
A network of groups organized as Take Back the Land has been doing eviction defenses and related actions around the country for five years, according to organizer Max Rameau.
“Now with this Occupy movement ramping up, I think we have a significant chance to keep large numbers of people in their home,” Rameau told Democracy Now earlier this month. “[The goal is to] not only force the banks to allow the family to stay in the home. But also then force policy changes that would help thousands of other people for whom we’re not doing eviction defenses.”
We saw a similar dynamic in the preexisting campaign to extend the millionaire’s tax in New York, which has benefited from new energy and a new banner offered by the Occupy movement.
Will the new Occupy push on foreclosures pick up any steam? I’ll be covering whatever happens on Dec. 6, so stay tuned to find out.
Justin Elliott is a Salon reporter. Reach him by email at jelliott@salon.com and follow him on Twitter @ElliottJustin
Justin Elliott
Wednesday, Nov 30, 2011
http://www.salon.com/2011/11/30/occupys_next_frontier_foreclosed_homes
Occupy Wall Street is promising a “big day of action” Dec. 6 that will focus on the foreclosure crisis and protest “fraudulent lending practices,” “corrupt securitization,” and illegal evictions by banks.
The day will mark the beginning of an Occupy Our Homes campaign that organizers hope will energize the movement as it moves indoors as well as bring the injustices of the economic crisis into sharp relief.
Many of the details aren’t yet public, but protesters in 20 cities are expected to take part in the day of action next Tuesday. We’ve already seen eviction defenses at foreclosed properties around the country as well as takeovers of vacant properties for homeless families. Occupy Our Homes organizer Abby Clark tells me protesters are planning to “mic-check” (i.e., disrupt) foreclosure auctions as well as launch some new home occupations.
“This is a shift from protesting Wall Street fraud to taking action on behalf of people who were harmed by it. It brings the movement into the neighborhoods and gives people a sense of what’s really at stake,” said Max Berger, one of the Occupy Our Homes organizers and a member of Occupy Wall Street’s movement-building working group.
The backdrop for all this is a new study suggesting the foreclosure crisis is only half over, with 4 million homes in some stage of foreclosure. Meanwhile, reports of illegal or questionable behavior by banks and mortgage lenders continue to stream in.
Like many of the Occupy actions that have focused on specific policy questions, this one is being organized by established progressive and labor-affiliated groups along with their allies in the movement. Among the allied groups listed on Occupy Our Homes’ website, for example, are the New Bottom Line and New York Communities for Change. On the Occupy Wall Street side of things, members of the direct action working group and the movement-building group in New York have been involved in the project.
Occupy Our Homes’ website (which was registered by a former SEIU official staffer) has the trappings of a slick professional campaign, with videos featuring the stories of families facing foreclosures and a pledge visitors are encouraged to sign stating:
… that until the banks do their part to help homeowners and to fix the economy, by writing down mortgage principal to current home values, I will:
•I will support homeowners resisting wrongful foreclosure evictions.
•I will resist any attempt by the bank to take my home.
•If they come to foreclose, I will not go.
A network of groups organized as Take Back the Land has been doing eviction defenses and related actions around the country for five years, according to organizer Max Rameau.
“Now with this Occupy movement ramping up, I think we have a significant chance to keep large numbers of people in their home,” Rameau told Democracy Now earlier this month. “[The goal is to] not only force the banks to allow the family to stay in the home. But also then force policy changes that would help thousands of other people for whom we’re not doing eviction defenses.”
We saw a similar dynamic in the preexisting campaign to extend the millionaire’s tax in New York, which has benefited from new energy and a new banner offered by the Occupy movement.
Will the new Occupy push on foreclosures pick up any steam? I’ll be covering whatever happens on Dec. 6, so stay tuned to find out.
Justin Elliott is a Salon reporter. Reach him by email at jelliott@salon.com and follow him on Twitter @ElliottJustin
Sunday, November 13, 2011
Foreclosure firm has Halloween party dressed as depressed homeowners
Andrew Jones
Saturday, October 29, 2011
http://www.rawstory.com/rs/2011/10/29/foreclosure-firm-has-halloween-party-dressed-as-sad-homeowners
Based on their Halloween costumes from last year, it would not be surprising if employees from foreclosure firm giant Steven J. Baum dressed up this year as homeowners who’ve lost their property thanks to firms like them.
In a column from The New York Times Joe Nocera, a former employee of the Baum firm revealed that his former co-workers did indeed dress as downtrodden individuals with signs representing their depressed state. The ex-Baum employee, who Nocera kept anonymous, told the Times reporter that she wanted to show how the firm had a “cavalier attitude” towards foreclosing people’s homes.
After getting word of Nocera’s story, the firm vehemently defended itself, saying the column was “another attempt by The New York Times to attack our firm and our work.”
The Baum firm represents virtually all the prominent mortgage lending Wall Street giants, including Citigroup, JPMorgan Chase, Bank of America and Wells Fargo.
Support Cheri Honkala, Occupy Candidate for Sheriff of Philadelphia
Running on Platform of No Foreclosures, No Evictions
Webster G. Tarpley Ph.D.
October 27, 2011
http://tarpley.net/2011/10/27/cheri-honkala-for-sheriff-of-philadelphia
I urge support for Cheri Honkala, who is running for Sheriff of Philadelphia on a platform of no evictions and no foreclosures. Cheri Honkala may be the only Occupy candidate in the United States, and her example deserves to be imitated wherever possible. An experienced activist, Cheri is running on the Green Party ticket against a Republican and a Democrat, neither of whom has matched her pledge to protect American working people from the outrageous thievery of the banksters. Cheri knows the drama of homelessness first hand: she and her nine-year-old son became homeless and were forced to take refuge in an empty home owned by the US Department of Housing and Urban Development, where she was arrested. Cheri Honkala regards housing as an inalienable human right, which places her firmly in the tradition of Franklin D. Roosevelt’s Economic Bill Of Rights of January 1944. She has also called for permanent solutions to the homelessness crisis through the construction of low-cost, affordable housing.
As Sheriff of Philadelphia, Cheri is pledged to refuse to throw any family out of their homes, nor will she honor or issue any writ to that effect. She is a critic of the totalitarian Patriot Act and an advocate of the free exercise of Constitutional rights, including the economic rights implicit in the general welfare clause. She will also refuse to cooperate with the racist witch-hunts of the ICE, which has continued under Obama to conduct raids, separate families, and deport immigrant workers.
Philadelphia Needs a People’s Sheriff, Not a Robo-Sheriff for the Banksters
Cheri Honkala’s campaign is a model and paradigm for what activists should be doing all across the United States. She is showing how campaigns for elected office can cooperate with the mass strike movement more generally. Bank of America and other zombie banks have notoriously used robo-signers, bribed robo-judges, and corrupt robo-cops to steal people’s homes. As People’s Sheriff of Philadelphia, Cheri Honkala will provide a lesson in how local governments can be used to assert justice against tyranny. Philadelphia needs a People’s Sheriff, not a Robo-Sheriff in the service of Bank of America.
Cheri is not foundation funded and needs contributions now to get out the vote on November 8. For more information, please go to cherihonkala.com or call 215-923-3747.
Saturday, November 5, 2011
Foreclosure Defense: Tilting at Windmills
by Christopher E. Brown & R. Michael Smith
This article will be coming out soon...
This article will be coming out soon...
Sunday, October 16, 2011
Banks Foreclosure Solution
From PublicRadio.org:
The great flaw in the American housing market right now is pretty fundamental: too much supply, not enough demand. There are just way too many foreclosed and abandoned properties out there, which is making everything else tougher to sell.
So since they haven't been able to drive any new demand, some banks are doing the completely rational -- if kind of unbelievable -- thing and cutting their supply. In states like Ohio, banks are finding it's cheaper to tear houses down than to try and sell them...
Banks demolish foreclosed homes, raise eyebrows
Jeff Tyler
Thursday, October 13, 2011
http://marketplace.publicradio.org/display/web/2011/10/13/pm-banks-demolish-foreclosed-homes-raise-eyebrows
The great flaw in the American housing market right now is pretty fundamental: too much supply, not enough demand. There are just way too many foreclosed and abandoned properties out there, which is making everything else tougher to sell.
So since they haven't been able to drive any new demand, some banks are doing the completely rational -- if kind of unbelievable -- thing and cutting their supply. In states like Ohio, banks are finding it's cheaper to tear houses down than to try and sell them...
Banks demolish foreclosed homes, raise eyebrows
Jeff Tyler
Thursday, October 13, 2011
http://marketplace.publicradio.org/display/web/2011/10/13/pm-banks-demolish-foreclosed-homes-raise-eyebrows
Subscribe to:
Posts (Atom)