Bank Of America Plaza In Atlanta Threatened With Foreclosure
In an ironic twist, a building bearing the name of a bank closely associated with the foreclosure crisis may soon be facing foreclosure itself.
Bank of America plaza, Atlanta's tallest building, may soon face foreclosure if BentleyForbes, the commercial real estate investment company that owns the 55-story tower, proves unable to avoid loan failure through negotiations, the Atlanta Journal Constitution reports (h/t InvestorPlace). Outside of skyscrapers in Chicago and New York, it is the tallest building in the Western Hemisphere.
But while the building does bear the name of the country's second-largest bank, BentleyForbes made sure to emphasize in an email that BofA is not the owner of the Atlanta skyscraper.
"Bank of America is a tenant at Bank of America plaza," a public relations agent for BentleyForbes told The Huffington Post in an email. "That is [the bank's] only connection to the tower."
Still, the news isn't great for BofA, a company already closely involved in the country's foreclosure crisis. The bank is the parent company of Countrywide Financial, a notorious mortgage lender that has caused the company headaches in the years since its acquisition. BofA recently had to pay $335 million to settle claims Countrywide engaged in widespread discriminatory practices during the housing boom. In June, a BofA director called the Countrywide acquisition "the worst deal we ever made."
The troubled bank has also had its fair share of bad press as a result of allegedly improper foreclosure practices. In just the past year, BofA has threatened foreclosure on an elderly couple for making a payment too early, as well as on a man whose home was destroyed by Hurricane Ike in 2008. Most recently, a man in Tampa almost lost his home when he was $0.80 short on a loan modification payment after dialing a "0" instead of an "8" while trying to pay over the phone.
And this isn't even the first time the bank has faced the possibility of a building thats bears its name entering foreclosure. Earlier this year, in fact, the bank threatened foreclosure on a complex in South Florida that housed one of its own branches. In June, a couple falsely accused of not keeping up with payments by BofA found "sweet justice" by threatening to seize the assets of a Fort Myers, Florida branch after it failed to reimburse the couple for its legal fees.
Does this story match up with some of the worst foreclosure fails from last year?