It's the latest innovation during the US foreclosure crisis: the bank branch robbery.
A 69 year-old Californian homeowner allegedly robbed a Bank of America [stock BAC][/stock] branch in order to pay off his mortgage at its 17% interest rate.
An interesting post at RightJuris.com has the scoop.
The man claimed to need $50,000 to save his home from foreclosure but left the bank with $100,000, according to the post. He would not get far enough to make the payment, however.
The man later said he wanted to "get the money and get the hell out of there," but he got a lot more when authorities arrested him.
"I don't do this kind of [stuff]. I was stupid," he said in a post-arrest interview.
A clip of the interview is available to watch below.
Diana Golobay was a reporter with HousingWire through mid-2010, providing wide-ranging coverage of the U.S. financial crisis. She has since moved onto other roles as a writer and editor.
HUD’s objectives are sometimes distributed by factors ranging from politics, socio-economic disparities and even natural disasters. When American homeowners fall victim to any of these elements, HUD is not only there to offer a helping hand, but often serves as the tool that leads to recovery.