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I'm all for making money, but this seems predatory and downright evil. Under no circumstances should someone be able to foreclose on a property because they ho
by downandout 13y ago
I'm all for making money, but this seems predatory and downright evil. Under no circumstances should someone be able to foreclose on a property because they hold a lien for less than 1/1000th of the value of the property, then take all of the equity. According to the article, this is only allowed in a small handful of jurisdictions - most require the proceeds above the amount owed to be passed along to the owner.
It's no coincidence that this is happening in Washington DC, the backyard of some of the most powerful and effective lobbying firms on earth. The set of laws that allow this insanity are almost certainly the result of lobbying efforts by tax lien buyers. Lobbying rules at the local and state level range from non-existent to very lax. As a result, getting a law or ordinance passed to benefit your company or industry at the local level is a relatively inexpensive and simple affair. People need to monitor laws and ordinances in their local jurisdictions, and speak up when they see things that don't pass the smell test. Otherwise, we'll continue to drown in this type of stuff.
- a8da6b0c91d 13y agoI would like to know the names and a little background on the people involved in these practices. Why doesn't the article name names? Who owns and works at Heartwood and Aeon Financial? Who are these people at the tax office facilitating the practices?
- toomuchtodo 13y agoAeon Financial, LLC, aka CapitalSource Bank http://www.ilsos.gov/corporatellc/CorporateLlcController?command=mms&fileNbr=02126966&type=MGR http://www.ilsos.gov/corporatellc/CorporateLlcController?com... I'm not quite sure what the HN policy is on personal details, but you can find the individual whose name is on the ownership of Aeon Financial on court documents across the US for tax lien purchases. It appears this document that appeared in a google search indicates that staff at CapitalSource were trying to separate the tax lien operation from the business by operating under the DBA Aeon Financial: http://www.delaney2012.com/wp-content/uploads/2012/09/09-07-12-Delaney-for-Jobs-Backup.pdf http://www.delaney2012.com/wp-content/uploads/2012/09/09-07-... Google "capitalsource bank fbo aeon financial" for a wealth of results.
- malbs 13y agoRead that article just makes me angry. Who the hell makes a living doing this, and still sleep at night? They must be sociopaths
- mathattack 13y agoYou hit in the math correctly. Small fractions of home values should not be sent to the vultures. That said, I don't blame the vultures as much as I blame the politicians who sold out their citizens. It can take years for a bank to kick someone out of their house for a much bigger default. The politicians empower criminals to do more for much worse.
- 616c 13y agoI will expand on that comment. DC is a mess because its municipal government is very much restricted, and the final say is in the hands of Congress. If you think lobbying is the problem, check out the license plate: Taxation without Representation. This is an ironic snipe at the state of affairs for the district. [0] I encourage to read, as those in DC know damn well it is Congress stonewalling on many issues. The Congress still has the right, even after 1973, to overrule decisions made by the municipal government, which did not exist prior to that date! [1] So, thank your elected officials. When people complain about their misfeasance, ineptitude, and inability to run just about anything, DC is a prime example of how they are incapable to run a city, even by delegation. [0] https://en.wikipedia.org/wiki/District_of_Columbia_voting_rights#Political_considerations https://en.wikipedia.org/wiki/District_of_Columbia_voting_ri... [1] https://en.wikipedia.org/wiki/Washington_dc#Government https://en.wikipedia.org/wiki/Washington_dc#Government