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Saturday, July 28, 2012

''Real Estate's Latest Mess: Big Banks Now Face Foreclosure''

From Forbes

''Take JP Morgan Chase. In April 2010, it foreclosed on and took ownership of a Homestead, Fla. condo after the homeowner defaulted on his loan and a consequent auction yielded no takers. As would be the case for any other condo owner in the development, the bank was legally required to pay monthly maintenance dues to the Homeowners’ Association (HOA), Keys Gate Community Association. But JP Morgan allegedly didn’t. Two years and nearly $20,000 in owed fees later, Keys Gate Community Association is pursuing foreclosure against the bank.''

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