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July 28, 2011

BofA Donates Then Demolishes Houses to Cut Glut

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Bank of America Corp., the biggest mortgage servicer in the country, will soon donate 100 foreclosed houses to the City of Cleveland so these vacant properties can be demolished as discussed in an online Bloomberg article on July 27, 2011. BoF and other servicers have similar plans for other cities.

It's estimated upwards of 13,000 residences in Cleveland are foreclosed or abandoned, using information provided by Case Western Reserve University's Center on Urban Poverty and Community Development and Neighborhood Progress Inc.

Read the full Bloomberg article or the repost in the Financial Post.