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Bank Of America Bulldozes And Gives Away Homes To Cut The Glut

07-28-2011 • Businessinsider.com

Wells Fargo, Citigroup, JPMorgan Chase, and Fannie Mae are also involved in, or considering, programs of their own. “There is way too much supply,” said Gus Frangos, president of the Cleveland-based Cuyahoga County Land Reutilization Corp., which works with lenders, government officials and homeowners to salvage vacant homes. “The best thing we can do to stabilize the market is to get the garbage off.”

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