City Bank Featured in Seattle Times Article
Monday, February 01, 2010 5:38:24 PM
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With dozens of Northwest banks left with a mass of delinquent and foreclosed properties after the collapse of the housing bubble, City Bank of Lynnwood is taking an innovative approach. They are contracting with builders to build out vacant lots and sell starter homes on the land. They then work with local realtors to sell their portfolio of homes. City Bank said it has recouped all but 10 percent of the original $360 million loan amount. For more information, or to read the full article, visit Seattle Times website at seattletimes.nwsource.com/html/businesstechnology/2010931132_timeswatch31.html.