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Where does the bank drop off the keys?
Old 01-30-2008, 12:59 PM   #1
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Where does the bank drop off the keys?

Interesting article:
Dirty deeds: Cities fight banks over vacant homes - BusinessWeek.com - MSNBC.com

"Now the banks are trying to drop off the keys for homes in various stages of repossession from these borrowers — vacant homes that are falling into disrepair, attracting unsavory attention, and becoming liabilities for the neighborhoods that contain them. The banks all have their finger on their nose and are saying “Not it!” but some courts are beginning to take the lenders to task, saying “Uh, we’re not playing that game!” Big lenders and other players are being fined for code violations unless they maintain their properties or otherwise dispose of them so that they don’t become more of a liability on the surrounding properties."

Ha! That'll teach 'em to make bad loans!
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Old 01-30-2008, 01:02 PM   #2
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Quote:
Originally Posted by Walt34 View Post
Interesting article:
Dirty deeds: Cities fight banks over vacant homes - BusinessWeek.com - MSNBC.com

"Now the banks are trying to drop off the keys for homes in various stages of repossession from these borrowers — vacant homes that are falling into disrepair, attracting unsavory attention, and becoming liabilities for the neighborhoods that contain them. The banks all have their finger on their nose and are saying “Not it!” but some courts are beginning to take the lenders to task, saying “Uh, we’re not playing that game!” Big lenders and other players are being fined for code violations unless they maintain their properties or otherwise dispose of them so that they don’t become more of a liability on the surrounding properties."

Ha! That'll teach 'em to make bad loans!
Maybe so Walt, but I think in the long run the lenders will drop the keys off on the governments desk. Some how we will pay for this mess.
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