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Financial institutions profit from role as tax collector

Wall Street titans have a new sweet spot — as surrogate tax collectors. Huffington Post Investigative Fund reporters Fred Schulte and Ben Protess describe how big financial institutions see profits in tacking on fees and threatening to foreclose when homeowners fall behind on property taxes. Some of the big financial institutions are operating quietly, setting up other companies with whimsical names, and operating out of UPS mail drops. Among Wall Street titans in the business are some who received federal bailout dollars. Homeowners may have owed as little as a few hundred dollars.

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