Housing Blogs » “Banks walk away. The homeowners are gone, and the property is still there.”

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“Banks walk away. The homeowners are gone, and the property is still there.”

There are times when foreclosures make sense. It can get an underwater borrower out of a difficult economic situation; it can readjust the market price of a property so that it can be purchased by someone who can afford it. I have to question the sense of this scenario though:

In western New York, the city of Buffalo filed a lawsuit on Feb. 21 against 36 lenders — including big names like JPMorgan Chase and Countrywide Financial Countrywide Corp who were involved in 57 foreclosures that led to properties being abandoned and ultimately demolished by authorities.
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Original Source: housingdoom.com