June 10 (Bloomberg) -- In a sweet form of payback, a couple
in Collier County, Florida, this week foreclosed on a local
branch of Bank of America. Sheriff’s deputies and lawyers
appeared at the bank and told the branch manager that if he
didn’t pay the couple’s legal fees -- as ordered months ago by a
court in a wrongful-foreclosure case -- they would seize the
branch’s furniture and other assets. With TV cameras on the
scene, the bank finally paid.
That was the ultimate man-bites-dog story. The financial
services industry typically doesn’t have to worry much about
anyone interrupting its foreclosure binge. We can expect roughly
a million foreclosures a year for the next few years. That’s a
lot of furniture on the sidewalk.