Don't worry, Obama and the Democrats will stop this...

The Big Wall Street Banks Have Found A New Way To Strangle The American People: Predatory Property Tax Collection

Today, millions of American families are barely hanging on to their homes by their fingernails. Millions are out of work and millions of others are barely making enough to put food on the table. Meanwhile, property taxes have absolutely soared in most areas of the nation over the past decade. Many Americans are finding that when that time rolls around they simply do not have a big chunk of extra money to pay a property tax bill.

So millions of American families, including many that have completely paid off their homes, now find themselves in danger of being thrown out on to the street over an unpaid property tax bill.

For many local governments, the headache of trying to collect on thousands of property tax liens is just too much, so they are glad to "outsource" the work of collection.

So how do the big Wall Street banks get involved? Well, it goes something like this....

1) The big Wall Street banks set up or invest in shell companies that will disguise who they really are.

2) These shell companies run around and buy up all of the tax liens that they can get their hands on.

3) Predatory levels of interest (in some states as high as 18 percent), fees and penalties rapidly pile up on these unpaid tax liens. The affected homeowners quickly end up owing much, much more than what the original tax bills were for.

4) If the collecting firm has to hire a lawyer, then that gets charged to the homeowner as well. The bloated legal fees for some of these lawyers can end up being the biggest expense of all.

5) If the tax liens do not get paid, the collecting firms move in to foreclose as quickly as legally possible.

Link:
http://theeconomiccollapseblog.com/archives/the-big-wall-street-banks-have-found-a-new-way-to-strangle-the-american-people-predatory-property-tax-collection