In today's post-bubble housing market, it's not uncommon for landmark buildings to fall into foreclosure. But this Atlanta tower is noteworthy for two reasons – it's the tallest skyscraper in the Southeast, and its sale smacks of irony.
All told, the five major lenders – Bank of America, JP Morgan Chase, Citigroup, Wells Fargo and Ally Financial – control two-thirds of the nation's mortgage servicing industry, Stateline reports. Mortgage wrongdoing has been found by every state attorney general involved in the settlement.
Since the purchase by BentleyForbes in 2006, BofA has downsized its presence in the building from 400,000 square feet to under 200,000 square feet.
UPDATE: The Atlanta Journal Constitution reports that the Bank of America Plaza sold at auction to the property's bond holders for a $235 million "credit bid." That's almost half its original sales price of $436 million at the height of the bubble in 2006.