Bank of America donating houses to entice Detroit cops to live in city

Darren A. Nichols / The Detroit News

Detroit— Bank of America is donating 10 houses for the city's project to lure city officers back into city neighborhoods and will tear down 100 vacant properties under a partnership with the city, Mayor Dave Bing announced this morning.

The Project 14 program — named for the police code for "back to normal" — offers housing assistance on tax-foreclosed homes. Under the initiative announced this morning, city officials will look at Bank of America inventory to identify homes that will be used for the project.

"When you look at the kind of support we're getting from the business community, we have a unique time in terms of good alignment in the city," Mayor Dave Bing said. "We obviously know a lot of the issues we're confronted against in bringing this city back, but because of the support we're getting from the business community and others, we've got a real chance to change the city."

Under Project 14, 200 tax-foreclosed houses are being offered to officers in Boston-Edison and East English Village for as little as $1,000 down, plus up to $150,000 in grants for renovations. The city has said about 200 officers have expressed an interest in the program, which comes with a monthly housing payment of $500 to $1,000.

Continued at: http://detnews.com/article/20110323/...#ixzz1HTMqpFYK

With their mark to market accounting tricks, this may be a great way for them to write off these properties at full face value.

BoA is not and never has been a humanitarian outfit.

The cops will do just like they did back in the day when they were supposed to live in the city.....10 officers will buy one home and all claim that they live there.....

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Originally Posted by Yooper

With their mark to market accounting tricks, this may be a great way for them to write off these properties at full face value.

BoA is not and never has been a humanitarian outfit.

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That was my first thought as well. The big banks are not in the practice of charity or helping folks out. Their goal is to make as much money for their shareholders off of people as possible, plain and simple.

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Originally Posted by Searay215

The cops will do just like they did back in the day when they were supposed to live in the city.....10 officers will buy one home and all claim that they live there.....

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The point of this program is that the cops get cheap houses in the city. If they didn't want to live in the city, wouldn't they just not participate in the program?

bank of america should declare a moratorium on foreclosures, on all their properties.. they need to demolish at least 5 times as many derelict properties..

10 homes? Really? And, you're going to demo another 100? This kind of stuff wouldn't even put a dent in a smaller, declined city like Saginaw, let alone Detroit.

This is such a transparent public relations tactic it's not even funny.

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Originally Posted by Augustiner

The point of this program is that the cops get cheap houses in the city. If they didn't want to live in the city, wouldn't they just not participate in the program?

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They will buy a highly subsidized house and then turn around and rent it out. More than likely, many of them will never even consider legitamately living there.
Outside of the new 20-somethings, I don't see many older married officers with families wanting to move back to the city.

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Originally Posted by Kevgoblue

Outside of the new 20-somethings, I don't see many older married officers with families wanting to move back to the city.

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Who says it's directed at older married officers with families?

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Originally Posted by Augustiner

Who says it's directed at older married officers with families?

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Given that they are initially offering large [[or at least something beyond modest-sized) single-family homes in upscale [[by Detroit standards, at least) neighborhoods, I'd say it's a pretty safe bet they aren't really going after young rookies. Just a guess.

I'd really like to see them offer something a bit closer to the core, but a big part of the plan is to get officers living in stable, out-city neighborhoods to keep them from declining any further.

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Originally Posted by Yooper

With their mark to market accounting tricks, this may be a great way for them to write off these properties at full face value.

BoA is not and never has been a humanitarian outfit.

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Still, they don't HAVE to do this. I commend them for caring about the city.

Caring about the city? They didn't have to engage in morally bankrupt banking, either. Point is, they aren't doing Detroit any favors, and to praise someone for throwing a bucket of water on a roaring fire they help to initiate is just silly and insulting.

How nice of BofA to do that. [[sarcasm)

I think they would be of much better help if they would actually do what their business model says they should do and provide capital to people who want to start businesses or buy homes. BofA only gave out 6 small business loans in the entire State of Michigan in 2010. SIX! That's it. They have billions of dollars in assets and they are just sitting on them giving huge bonuses to their execs and not doing a damn thing to spur the economy.

Well, it probably is in their best interest financially to get some empty properties off their books. I still shake my head at the senselessness of what the banks have been doing - throwing people out of their houses instead of modifying mortgages, then sitting on the empty properties while they rot away and lose value. They reclaim houses that they then can't sell, and families are out of their homes and wrecked financially, and it makes no sense. Shouldn't someone in charge have realized, at some point, that that approach didn't help anyone?

<<<Shouldn't someone in charge have realized, at some point, that that approach didn't help anyone?>>>

Bank of America IS in charge...and they are making billions in profits.

Hint: Their profits have nothing to do with loans.
Why on earth would today's banks want to make loans?
There are other less risky ways of fleecing people.
Madoff was an angel compared to these mega vampire banks.

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Originally Posted by Yooper

With their mark to market accounting tricks, this may be a great way for them to write off these properties at full face value.

BoA is not and never has been a humanitarian outfit.

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Correct. And it needs to be remembered always. This amounts to a penny or two to BOA, and thousands upon thousands of dollars worth of PR. It's all over the news, like BOA is really doing something good. Typical, manipulative, self-serving, corporate BS.