01 Aug '11, 6pm

Bank of America is now paying to tear down foreclosed homes - Grist Magazine

Bank of America is now paying to tear down foreclosed homes - Grist Magazine

Abandoned in Chicago. Photo: ChicagoGeek Bank of America has a new approach to dealing with foreclosed homes: Tear them down. With a record number of American's facing foreclosure, that might make your blood boil at first. But if you look into the plan a bit closer, there might be something to it. These homes are the worst that Bank of American has on its hands. The company has selected a relative handful of its most decrepit, derelict homes in Cleveland, Detroit, and Chicago and will pay up to $7,500 to local agencies toward demolition costs. That's more than many of them are worth. Bank of America isn't the first mortgage holder to sacrifice its worst properties to a one-ton ball of steel, but it is the first to put some money towards demolition. Citigroup began donating foreclosed homes to housing agencies and nonprofits back in 2008. Fannie Mae started a similar progra...

Full article: http://www.grist.org/cities/2011-08-01-bank-of-america-is...

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