There seems to be no end to the machinations of the banks and their efforts to suck every last drop of economic blood out of the American taxpayers who bailed them out….read on and prepare to be disgusted…..
The Florida securities deal illustrates how financial institutions, including some beneficiaries of federal bailout dollars, are actively creating new ways to profit from the financial distress of homeowners. Acting as surrogate tax collectors, they can help local governments quickly and efficiently bolster their budgets by tens of millions of dollars and in some cases find new owners for dilapidated property. Miami-Dade County, for instance, took in more than $374 million in June 2009 from the sale of about 60,000 property tax liens.
Yet no one is looking out for property owners who suddenly find themselves in debt to the new Wall Street taxman. The growing $5 billion tax lien market goes largely unwatched and unregulated because rules haven’t kept pace with the industry’s flourishing growth in economic hard times, the Huffington Post Investigative Fund has found in a review of the industry.