Banks Bulldoze Cleveland Homes

Rather than allowing for the overinflated housing market to correct itself, bankers have chosen to bulldoze the repossessed homes to keep prices…overinflated.

“The idea is that a bank donates a foreclosed home and possibly even pays for its demolition. One recent example is Bank of America (NYSE:BAC) donating 100 foreclosed homes to a Cleveland-area agency that will revitalize [demolish] the property for other uses…The lender will pay as much as $7,500 for demolition or $3,500 in areas eligible to receive funds through the federal Neighborhood Stabilization Program. Uses for the land include development, open space and urban farming.”

What a sad state of affairs when our government, through our questionable banking sector, loans people money they can’t afford, then kicks them out of their house because they can’t make the payments we all knew they could never make, with taxpayers picking up the tab on the foreclosed property, and you know the bank wrote it off on their taxes, and it finally ends where the house is bulldozed to help speed the way for Agenda 21.  What a country…

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