Tuesday, February 28, 2012
NPR has a piece up about what happens when banks end up serving as landlords over foreclosed property. In a nutshell, the results aren't pretty:
Across the country, big banks and other large investors are buying up tens of thousands of foreclosed rental properties. They're not always model landlords, according to tenants and regulators. Some banks are failing to follow local and state housing codes, leaving tenants to live in squalor — without even a number to call in the most dire situations.