The 26-story structure in the heart of Providence, Rhode Island, referred to as the Superman Building, has deteriorated over the years. High Rock Westminster Street LLC purchased the building in 2008, and accuses its previous tenant, Bank of America, for breaching the lease contract. In 2013, due to the poor maintenance work of the previous tenant, the building’s owner filed a lawsuit. The main cause for concern was the clear decay of limestone on the sides of the building. High Rock holds the Bank of America responsible. Read more
Ever forget to make a payment or remember you owe money on a bill and have a panic attack? Something similar happened to 61 year-old John Stecher on his last visit to the bank, and as a result, the man collapsed from a heart attack. After receiving calls about a missed mortgage payment, Mr. Stecher walked into the Bank of America in Chartlotte, NC in attempts to get the situation straightened out. The bank stood by the assumption that they did not receive his payment, to which John became stressed out and experienced a heart attack. The man is now suing for $10,000, according to his lawyer Paul Goodson. Read more
The US District Court judge for the District of Columbia signed off, finally, on the big $25 billion foreclosure settlement between five banks, the federal government, and most of the states. On Wednesday, Judge Rosemary Collyer approved the settlement, which was announced two months ago. The $25 billion settlement will be divvied up by the states and is suggested to be used to ease financial burden on improperly foreclosed homes and help pursue negligence in the future. However, as I’ve mentioned before, some states are going to use it for whatever they feel like. Georgia in particular is using the money to support local infrastructure, presumably telling the federal government “you can’t tell me what to do, you’re not my real dad”, slamming its door and hiding under the covers afterwards.