Reply #7: Wall Street's Sneaky New Way to Make Bank from Struggling Homeowners [View All]

[Demeter]

http://www.alternet.org/story/149157/wall_street%27s_sneaky_new_way_to_make_bank_from_struggling_homeowners

When Florida retiree Gladys Walker fell behind in paying taxes on her modest Pompano Beach home, she had no idea one of America's biggest banks and a major Wall Street hedge fund engaged in frenzied bidding for the right to collect her debt--all $768.25 of it.

"I just couldn't come up with the money," said Walker, 67, a former hotel worker who makes do on a monthly Social Security check.

Barely more than a year after a taxpayer bailout of major financial institutions, Bank of America and the hedge fund, Fortress Investment Group, spotted a fresh money-making opportunity - collecting the tax debts of tens of thousands of people like Walker. The bank and hedge fund can add interest charges and fees, and they bundled the debts as securities for investors...

THIS IS JUST WRONG, STUPID, AND EVIL