For banks, foreclosed homes pile up

By Alex Ulam | June 09, 2008 03:23PM

From the June issue: Bedford-Stuyvesant is a neighborhood being pulled in two directions: Burned-out houses sit next to newly built brick townhouses. A block of well-kept brownstones is followed by a block with foreclosed houses, some of which have boarded-up windows and others of which are inhabited by squatters. Outside 185 Madison Street, a bleary-eyed man wearing a dirty T-shirt, who identifies himself as the property manager for the recent owner, said he has just been served with an eviction notice to leave in 10 days. The two-family house he is standing in front of is listed as having been acquired at a foreclosure auction in November 2007 by Fremont Investment and Loan, a California-based bank.

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