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Rob O’Dell, of the Arizona Daily Star, reports on the shameful acts of three of the largest banks in Arizona.
The tax liens earn banks up to 16 percent interest, and if homeowners don’t repay their debt within three years the banks can foreclose on their homes. Since the bailout in 2008, major banks have bought nearly 6,000 tax liens in Pima County that total at least $15.8 million.”
Bank of America, JPMorgan Chase, and Wells Fargo are among the top three buyers of tax liens in Arizona.
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