Homeowners associations foreclose on banks | The Courier-Journal | courier-journal.com
I have posted articles about this practice before. It highlights the economic challenges facing many HOAs and condo associations. Banks are the 800 pound gorilla of this economy, it seems. They can break laws and instead of people going to jail, the taxpayers are forced to shovel money into their gaping maws. It is obvious that this practice of stiffing associations out of assessments on bank-owned properties is a deliberate strategy to avoid their financial obligations. We are constantly hearing all this whining and condemnation of "strategic defaults," but what do you call this? Thanks to Mika, Fred Fischer, and the others who sent this link.