Banks Donate Vacant Lots to Diminish Maintenance Costs

October 2011
Mortgage Servicing News;Oct2011, Vol. 15 Issue 10, p21
The article reports that founder and chairman of Safeguard Properties Inc. Robert Klein partners with Cuyahoga Land Bank that receives vacant properties from the banks. It mentions that the land bank uses the acquired property for productive uses to support regional goals. It reports that the Bank of America Corp., J.P. Morgan Chase & Co., and Wells Fargo & Co. reduce the real estate owned (REO) inventory levels during the economic difficulties.


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