Bank of America Forecloses On Itself

Posted by | May 31, 2011 14:47 | Filed under: Top Stories

by Sally Kohn

Sometimes you can’t make this stuff up.  Bank of America is so eager to foreclose on the American Dream it’s actually foreclosing on itself.  Really.

One Boynton LLC owns a 21,552-square-foot office building in Boynton Beach, Florida (pictured).  The company has a $7.5 million mortgage for the property through Bank of America.  Apparently the mortgage, like many in America, is delinquent.  So Bank of America, which just recently settled charges that it was foreclosing on the homes of military families, is foreclosing on the office building.

Never mind that the primary tenant in the building is a Bank of America branch.

None other than the Wall Street Journal wonders, “Next, perhaps CEO Brian Moynihan will foreclose on his mother’s house.”  But really, given that BofA paid Moynihan a base salary of $950,000 plus $9.05 million in stock bonuses — in 2010 alone — getting rich by foreclosing on the American Dream across the country probably means Moynihan’s own mama doesn’t need a loan from the bank.

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