Want a house for free? Bank of America is giving away 150 of them in Chicago. It’s a great plan. The bank gets some worthless properties off its books without the cost of trying to hold on and sell them, the city gets some cheap affordable housing, and BofA gets a PR bump. It’s win-win-win, with two of those wins being Bank of America’s. That’s the Chicago way.
The move comes at the same time Bank of America announced it was doing something it should have done a long time ago, open 28 foreclosure prevention centers in 22 states. The banks are under pressure from regulators and Fannie Mae and Freddie Mac to clean up their mortgage act and this is exactly the type of thing that will look great on paper.