Big Banks are Murdering Houses and “Burying the Dead”

Big Banks are Murdering Houses and “Burying the Dead”

Even when the big banks are doing the right thing, they seem to have a bit of a problem with their word choices when they try to explain it to the public. According to the Washington Post, some of the nation’s largest banks, including Bank of America and Wells Fargo, have agreed to donate to land banks “scores of properties that are abandoned or otherwise at risk of languishing indefinitely and further dragging down already depressed neighborhoods.”

This is actually a good idea as it reduces the size of the housing inventory, increases surrounding property values, yada, yada. But for some reason the folks trying to sell us all on this idea missed PR 101. As the Post writes:

[A]dvocates say that the homes being targeted are already unsalvageable and that the bulldozers are merely “burying the dead.”

“It is the root canal of community development that we’re doing,” [Gus Frangos, the Cleveland’s Cuyahoga County Land Reutilization Corp President] said, “and it’s not a quick fix.”

Well, that makes me feel so much better. First they foreclose, then apparently they kill the house (I knew the house wasn’t “settling”!), then we all have to go to the dentist! WTF!

Oh well. At least we’ll have less haunted houses and pearly white teeth!