Bulldoze It | BofA Donates Then Demolishes Houses to Cut Glut of Foreclosures

Let’s keep pushing those foreclosures through, so we can demolish the homes!

We are really coming to a crossroads here folks. Millions of families are being kicked to the streets, so they can bulldoze the homes?

There is something very wrong with what this has come to…

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BofA Donates Then Demolishes Houses to Cut Glut of Foreclosures

Bank of America Corp. (BAC), 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 & Co. (WFC), Citigroup Inc. (C), JPMorgan Chase & Co. (JPM) and Fannie Mae are conducting or considering their own programs.

Disposing of repossessed homes is one of the biggest headaches for lenders in the U.S., 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. of Irvine, California. 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.”

Be sure to check out the rest of the article here…

Remember this?

Let’s Bulldoze The Foreclosed Homes Because the “Fixtures, the WIFI, or Whatever, Even the Colors are Not Going to be Stylish By the Time Someone Buys Them”

How has it come to this?

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4closureFraud.org

 

Comments
24 Responses to “Bulldoze It | BofA Donates Then Demolishes Houses to Cut Glut of Foreclosures”
  1. usjustice4all says:

    Wait a blipin minute…. did he say, “Not on Taxpayers dollars” Hell No! What happened to the bail out money. They make is sound like they are doing good by donating. Wasn’t a good deed to do it for the homeowner who wants it and has worked on it, but a company that gets it for bottom dollar, resells or redoes the home and makes tons. As long as they pay all their officers all left over money, its’ a non=profit

  2. They will be bulldozing us soon, to get rid of the homeless. This is such a crime, THis must be stopped. Ilegally throw families into the streets causes of their greedy crimes doing the economy in and then bulldoze the house to redevelope the property. Something like eminent domain. Who cares if Ted, Suzie, and little Jamie and Samantha and their teddy bears are in the homeless shelters. no conscions!

  3. talktotennessee says:

    Follow the money!
    Derelict housing that can’t be liquidated is like lemons to lemonade.
    If you can sell or give it away, tear it down and write it off. You can bet they are taking full dollar write offs on their bottom line taxes as a loss. Knowing their cheat sheet record, probably padding that with the late fees, BPOs, expenses and attorney/legal costs.
    Gee some of those subprime dumps they wrote paper on and passed on to investors could be worth more now. Making big money of the package on the front end, paid the investors pennies to buy back and now writing off big time. So what is they have to scrape the lot to please municipalities. Add a few more fees to the cost of doing business. Hey, getting rid of taxes and upkeep, the derelict housing combined with big tax writeoffs? If only I could borrow money, pay back 10 cents on the dollar and write that dime off my tax burden, I would be rich.
    Leave it to the B of A, Wells, and Chases; they know how to make money out of nothing baby and no crying from anyone. A big win/win for all, except the poor old folks they ousted from their home because some creep came along and sold them out to the highest bidder for predatory loan they didn’t understand.
    Alls well that ends well!.

    • talktotennessee says:

      Actually writing off full value of the collateral + not the dime they paid to redeem! Just clarifying:)

      • lvent says:

        The FOREIGN MULTINATIONAL PONZI SCHEMERES are actually being allowed, BY THE U.S. GOVERNMENT… to write off OUR collateral that they redeem by deception. Just clarifying…

      • lvent says:

        THAT IS A/K/A GAMING THE SYSTEM AND THEY ARE BEING ALLOWED TO RECEIVE MORE ILL GOTTEN GAINS BY DECEPTIVELY USING WHAT WE DO NOT KNOW AGAINST US TO DESTROY US…. FEDERAL CRIMES OF DECEPTIVE PRACTICES AND UNFAIR DEALING IN CIVIL COURTS. THAT IS CRIMINAL AND WHAT YOU DO NOT NOT KNOW CAN HURT YOU…..THAT IS WHAT THEY ARE BANKING ON……..

      • lvent says:

        WELL, THEY ARE RIGHTING OFF THE CURRENT MARKET VALUE, THEY STOLE THE OTHER HALF WHEN THE HOUSING BUBBLE THEY INTENTIONALLY CREATED, BURST…..BUT THEY ARE COLLECTING 3-4 TIMES WHAT THESE UNDERWATER HOMES ARE WORTH WITH THE CREDIT DEFAULT SWAP INSURANCE…..THAT IS THE DECEPTION…….THESE CROOKS ARE GAMING THE SYSTEM, BIG TIME……

  4. Patrick Campbell says:

    These smiling CNBC reporters in this news cast and their associates have lost all sense of the human compassion of their fellow countrymen /women. In fact, to them…it’s seems all about the money. They are as hardened and immoral as the thugs on Wall Street who pay them. Free enterprise without human kindness will fail like Soviet communism.

    While Americans struggle to hold on to what they have, our CEO’s and “shareholders” sell their own people into debt slavery as they ship their jobs overseas so the likes of Wells’ CEO can pull down 30 million dollar bonus’ off the backs of his workers and government sacrificed banks (pennies on the dollar). It’s time for a “come to Jesus” with the financial ponzi schemes which still continue on Wall Street. It’s time to birth some new financial businesses which make the old robber barons irrelevant and are built on integrity and focused on the good of their customer.

    The dream home we purchased for $805,000 is being sold to an Egyptian – non-citizen for $450,000 after both our businesses failed in our “Great Recession.” Would Well’s Fargo give us the same opportunity in a modification? Did our courts or our government help us save our home? No. We lost over $420,000 on the home alone. Wells had already sold the note and couldn’t even tell us who owns it now. What has Wells really lost? Nothing; they are making “money serving the loan.”

    After 23 years as home owners and 16 ½ years as business owners; we move out in September….and the rents for the crappy homes left in the market are now being jacked up higher than what a fair modification could have been worked out. Our recently new neighborhood once owned by Americans who moved up from the working class is now filled with families who neither speak our language nor respect our heritage.

  5. lvent says:

    People are not fighting back and coming back to claim their stolen homes…..either because they do not know what has been done to them or they do not have the means to pursue it……The banks collected the Credit Default Swap insurance and that is all they really want….The home values and the titles are destroyed because of what the Ponzi Schemers did.. This is clear proof that the U.S. Government does not give a damn about you……and are allowing these horrors to be committed against there own people…The U.S Government should have forced these crooks to hold on to those houses and create homeless shelters just in case the rightful owners return. This is all about destroying the evidence of more ILL GOTTEN GAINS BY THE PONZI SCHEMERS, who are FANNIE/FREDDIE/THE BIG BANKS, THE WHOLE WALL STREET CABAL……..

  6. Mario Kenny says:

    This makes me think again and state that, it was the titles they wanted to cure the leverage, the house is a liability and they may as well tell the IRS they gave the property away to some record-able source, its a tax break, another back door way of selling a house again. They are working for themselves.

    • Readdocs says:

      That does NOT clear the title to the property. Who ever gets, buys, recieves one of these cleared
      plots, acreage will still have a clouded title to contend with. How many of these homes are still
      livable. Better to bulldoze than to shelter, right BoA?

      • eif says:

        Good morning, at least here.

        Well Readdocs now its finally / quite openly admitted that homes are – to some businesses and those smiling and jesting on the video – just inventory and were just inventory at urged loan time.

        On the video the inventory is described in even more outrageous terms. Would it matter if their parents home? One doesn’t get that sense.

        But to homeowners was it disclosed that homes are just batched/ inventory? Hope they aren’t bulldozing with people inside – but suspect many precious personal items are going under the machine.

        Personally I find this VERY scary stuff. The video .. base and dehumanizing.

      • talktotennessee says:

        You just thought you lived in country where fair and right prevailed. Just so much propaganda to keep the natives happy.
        Most municpalities can clear title if they choose. Like a tax sale, there is a period of redemption, after which title is passed permanently. Think of eminent domain where your property can be legally confiscated for the common good, now amended to include private confiscation, if demonstrated as good for all, which usually means good for someone’s pocketbook.
        Not to worry about clouded titles. The ‘pot’ will be made right in the end and the banks will prevail. They have too much money not to. This is what happens when we allow politicians to be bought by lobbyists. Deregulation and the banks take over the government and make their crimes legal. As we speak the House is trying to destroy the new Consumer Advocate Commission.
        Reminds me of a Yeats poem.
        The falcon cannot hear the falconer;
        Things fall apart; the centre cannot hold;
        Mere anarchy is loosed upon the world,
        The blood-dimmed tide is loosed, and everywhere
        The ceremony of innocence is drowned;
        The best lack all conviction, while the worst
        Are full of passionate intensity.
        . . . . .
        Sound prophetic?
        Are the banks reminiscent of the pitiless Lion with the face of man, lacking compassion?

      • Readdocs says:

        They’re making their money while they can, because right behind them is Agenda 21.
        There will be offices in every county by every federal department because they are all
        named members of the rural council that Obama just signed into existence.
        One of the first requirements will the enforcement of having a CDL to drive any kind of
        farm equipment on your own private property. Demands will be made to keep logs and
        stop work every 8 hours. Just like commercial truck drivers.
        And the american people will just stand to one side with their jaws agape and watch
        the last of freedom and liberty gasp its last.

      • lvent says:

        That’s right Readsdocs… This evil cabal can only get away with what WE THE PEOPLE let them get away with………WE NEED TO RAISE AWARENESS AND BE WHISTLEBLOWERS Eric Holder already said we are a nation of cowards and called all of us out…WE CANNOT ALLOW THEM TO RULE BY SECRECY AND DECEPTION…SPREAD THE TRUTH, BY SHARING THE KNOWLEDGE…..FIGHT THE GOOD FIGHT……..WE THE PEOPLE MUST UNCOVER THEIR DECEPTIONS……

    • see says:

      I agree with you Mario. It is my belief that the only thing they want is the deed to the property. The house means nothing to them other placing interest in selling the property. It does not matter to banks if the title is clear.

      I am concerned about the environment. All that debris placed into land fills. Would anyone look into what could be salvaged such as windows, doors, cabinetry, copper pipes, etc. before the house is destroyed? Donate that to Habitat For Humanity. I think it is now ironic how the banks were so pissed off that the former homeowner took things from the house where things had to be replaced to make the house sellable. Now they are just destroying the houses as if they were kicking a can down the road. Unbelievable.

      • lvent says:

        see, I was told that by the pretender lender for my commercial property, THEY WANT MY DEED……I TOLD THEM SHOW ME PROOF YOU OWN MY MORTGAGE….HAVEN’T HEARD A WORD FROM THOSE CROOKED SWINDLERS LATELY……………………..!!!!! HMMMMMMMMMMM…

      • lvent says:

        THERE NAMES ARE: BAYVIEW LOAN SERVICING AND ARONBERG, GOLGEHN AND GARISMA IS THEIR CRIMINAL ATTORNEY NETWORK…THEY HAVE BEEN TRYING TO FRAUDCLOSE AND STEAL MY COMMERCIAL PROPERTY FOR OVER A YEAR NOW…….THEY STILL HAVEN’T COME FORWARD WITH ANY PROOF THEY OWN THE LOAN….THE ORIGINAL MORTGAGE AND THE ORIGINAL NOTE…..THE TITLE IS FULL OF FRAUD..THEIR ATTORNEY HAD THE NERVE TO TELL ME THEY CAN FRAUDCLOSE ON A CLOUDY TITLE……THAT IS CRIMINAL……THEY ARE COMING RIGHT OUT AND TELLING ME THEY CAN STEAL MY HOME USING MORE FRAUD…..THEY CROSS-COLLATERALIZED MY HOME WITH THAT LOAN AND THAT IS ILLEGAL……..I AM FILING A POLICE REPORT AGAINST THESE CROOKS…..

      • lvent says:

        I meant try to steal my commercial property……That is what happens when they illegally cross-collateralize, they scramble your brains.

  7. Ron Moss says:

    Maybe if we were to charge Duetsche Bank with the right RICO criminal laws they would be motivated to float these house to Somalia and donate them where they are needed. Pull on their Heart srtings! Right?

    • lvent says:

      Somalia? What about the AMERICAN PEOPLE who lost these homes???? I am a firm believer that charity starts at home….Though these homeowners were not charity cases either, they were robbed and swindled out of their homes by more crimes and widely deceptive practices I am sure..How can we save the world when we can barely save ourselves????????

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