http://www.alternet.org/economy/148537
Has Wall Street's investment bankers taken over the world?
Because this is just to bizarre.
It looks like local government can't be any more trusted than the Federal government, but then we kind of all ready knew that, from all those subsidies that they give to ball teams, and Walmart and Cabelas all created by your hard earned sweat and donated for a sure future loss.
Nearly a dozen major banks and hedge funds, anticipating quick profits from homeowners who fall behind on property taxes, are quietly plowing hundreds of millions of dollars into businesses that collect the debts, tack on escalating fees and threaten to foreclose on the homes of those who fail to pay.
The Wall Street investors, which include Bank of America and JPMorgan Chase & Co., have purchased from local governments the right to collect delinquent taxes on several hundred thousand properties, many in distressed housing markets, the Huffington Post Investigative Fund has found.
