When Banks literally pass the Buck...
And in passing the buck, it just starts a new litigation, or defaults to another default...
The details of these deals vary. In most, the mortgage finance agency and banks have agreed to give, or sell for $1, deteriorated homes valued at about $25,000 or less, then, cover all or part of the cost of demolition. Gus Frangos, the land bank's president and general counsel, isn’t convinced that the Cleveland lawsuits over vacant homes helped the land bank make those deals. Divisions of JPMorgan, Wells Fargo and Bank of America have all been named in Cleveland's litigation.
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