Rob O’Dell, of the Arizona Daily Star, reports on the shameful acts of three of the largest banks in Arizona.
“Banks that took bailout money were supposed to use part of the taxpayer-provided cash infusion to help customers avoid foreclosure, but instead, many of them are buying up struggling homeowners’ tax debt.
The tax liens earn banks up to 16 percent interest, and if homeowners don’t repay their debt within three years the banks can foreclose on their homes. Since the bailout in 2008, major banks have bought nearly 6,000 tax liens in Pima County that total at least $15.8 million.”
Bank of America, JPMorgan Chase, and Wells Fargo are among the top three buyers of tax liens in Arizona.