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Fred Schulte – Wall Street Quietly Creates a New Way to Profit From Homeowner Distress

December 16, 2010 Leave a comment

From The Center for Public Integrity:

Is nothing sacred? Bank of America and hedge fund Fortress Investment Group have spotted a fresh money-making opportunity – collecting the tax debts of regular citizens. The investigation, by reporter Fred Shulte, shows how the bank and hedge fund can add interest charges and fees and bundle the debts as securities for investors. In late May and early June, proxies for the corporate duo quietly bought hundreds of millions of dollars in homeowners’ property tax debts in Florida by bidding at a series of online auctions held by county tax collectors. (Shulte is joining the Center as a result of our merger with the Huffington Post Investigative Fund.)