Wall Street quietly creates a new way to profit from homeowner distress

By Fred Schulte

Gladys Walker, a retiree on Social Security, owed less than $1,000 in overdue property taxes on her modest Florida home. So why did Bank of

Excerpts from this story referencing "online auctions":

"… s in homeowners’ property tax debts in Florida by bidding at a series of online auctions held by county tax collectors. They didn’t use their names but donned mu …"

"… Many buyers of liens hop from state to state participating in fast-paced, online auctions without revealing their connections to Wall Street or registering their op …"

"… by acting together to keep interest rates high. Some collectors argue that online auctions, in which thousands of bidders sign on, are less likely to be tainted, how …"

"… losure action.Other collectors, though they are pleased at how efficiently online auctions can generate tens of millions of dollars in newfound revenue, acknowledge …"

Wall Street quietly creates a new way to profit from homeowner distress

By Fred Schulte

Large bank, hedge fund bundle small tax debts into private investments

Excerpts from this story referencing "online auctions":

"… s in homeowners’ property tax debts in Florida by bidding at a series of online auctions held by county tax collectors. They didn’t use their names but donned mu …"

"… Many buyers of liens hop from state to state participating in fast-paced, online auctions without revealing their connections to Wall Street or registering their op …"

"… by acting together to keep interest rates high. Some collectors argue that online auctions, in which thousands of bidders sign on, are less likely to be tainted, how …"

"… losure action.Other collectors, though they are pleased at how efficiently online auctions can generate tens of millions of dollars in newfound revenue, acknowledge …"