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The Big Foreclosure Mess, Made Worse by Politics: Jonathan Alter

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.