Update from the Foreclosure-Based Economy 0
Soon to be replaced by the eviction-based economy:
But as a deal, this one is tilted to the banks.
That’s certainly the takeaway from the bank’s announcement Friday that it would offer borrowers a chance to turn over their homes to B. of A. in exchange for a deal where the bank would rent those properties to the former borrower. The rents naturally would be less than the previous mortgage payment. Read Wall Street Journal story on the program.
With the alternative of eviction, some troubled borrowers may find such a deal the best option in a bad situation.
