GAO: While rare, banks now walking away from houses
Columbus Business First – The “walk away” is a hallmark of the housing mess, a term frequently used to describe a borrower walking away from an unaffordable – or perhaps unwanted – house.
In in rare cases, however, but more frequently in economically hard-hit cities such as Cleveland and Youngstown, banks are also walking away from properties after throwing out the residents but before completing foreclosures, a Monday report from the Government Accountability Office concluded.
