BofA making money buying up tax liens (ethical, illegal, suspected)
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Fred Schulte has written a good investigative piece on how BofA and a hedge fund are buying up tax liens and making money off of tax payers by raising the interest rates and imposing large fees on the original liens.
Not sure why you posted this..? It's a perfectly legal way to make money.
Some are smart and learn how to make money, some are lazy and stupid and prefer to do nothing, have nothing and then complain about those who were smarter than you...
If your unhappy that some people are smarter, more dedicated, and richer than you are, do something about it...!
Not sure why you posted this..? It's a perfectly legal way to make money.
Some are smart and learn how to make money, some are lazy and stupid and prefer to do nothing, have nothing and then complain about those who were smarter than you...
If your unhappy that some people are smarter, more dedicated, and richer than you are, do something about it...!
Doing this is very short-sighted and increases foreclosure rates. Long-term that creates more problems for cities. Many of our current problems are due to short-sighted short term gains at the sacrifice of long-term soundness. Because it isn't "illegal" does not mean it is ethical. That is why I posted it. If you can't see that, then you are part of the problem...
Remember, this is a TARP bank that is doing this.
Exactly. The MD interest rate charged for redemption is 1.5%/month. There are some guys that will go and buy a bunch up at tax sale and then wait to be paid off by the owner.
A somewhat funny story about tax lien sales.
A number of years ago we had a guy come to a Town Council meeting just raising hell about a lot he'd gotten at the May Tax Sale, spent like $40 dollars. His complaint was that no one at the Court House (County Treasurer conducts the sale) that the lot was in the middle of a marsh and unbuildable. He said he'd looked at a plat map and it hadn't shown the marsh, the guy had never been to Town until the meeting he attended. My response was that he should have suspected something when the tax arrears were only $40. He still wanted us to do "something". Went away mad.
Ethics are subjective... yes so long as you wear the cloak of respectability you can molest children and call it holy. You can launder money and call yourself a bank. You can destroy an economy and call yourself a financial industry. So long as it's "legal" white collar crime= business.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.