Bank of America Donating Foreclosed Homes
Bank of America is donating -- and in some cases bulldozing -- some of its foreclosed houses, according to Boston.com. The paper reports that the bank will donate 100 Cleveland-area homes located in communities eligible to receive grants from the federal Neighborhood Stabilization Program.
The lender is not being purely charitable, though: The giveaways actually help the bank more than they hurt it. By ridding itself of the dregs of its foreclosed homes, the bank foregoes the hassle and cost of selling them.