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POPSBanks Do Not Make Good Neighbors Ross Wallace, a lieutenant in the U.S. Army, turned in his check for $500 and waited on the auction floor in full dress uniform for a chance to buy a Detroit house on the cheap. Wallace, 27, said he did not want to leave his fiancee and two children with a mortgage before shipping out to Iraq later this year. “I still have student loans and I’m trying to be responsible. I don’t want to leave debt,” he said. Wallace waited for the auction to roll around to Detroit’s Boston-Edison district, a once stately area that was home to boxing legend Joe Louis and Motown founder Berry Gordy. But he was quickly outbid. An unidentified investor at the front of the room who had scooped up several dozen properties took the home Wallace wanted for about $15,000. “Why am I competing against a bank?” he said later. “It would be common sense to have a separate process for people who want to move back to the city or it’s going to stay empty.”
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POPSCenlar Reports and consumer opinions about Cenlar, an American financial services company that specializes in loan administration and reporting; originating, processing and servicing of loans and other products and services of financial nature.
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