Background and Difficulty in Dealing with Foreclosured Properties through Bundling by Land Bank

Based on the Experiences of the States of Michigan and Ohio, and the simulated outcomes by Markov Chain Monte Carlo Methodology

Abstract

The paper tried to reveal why land banks have been established in the states of Ohio and Michigan, and carried bundling system to deal with foreclosed properties, going through the interviews for professionals and Markov chain Monte Carlo simulation. Bundling system has positive aspects, in one sense, and negative consequences we must take in account when foreclosed properties are grouped into bundling.