Hedge Funds Buying Debt in Baltimore, Taking People’s Homes

This is apparently legal — in fact, it is apparently supported by a legal system that enforces disproportionate repayment of debt. File this along with Ashley Madison under the category, “Sure, It’s Legal, But Can’t You Find A Better Way to Make a Living?” >>>

LINK: Bankers Buy Baltimore Debt, Charge High Interest, Take Homes (by Alice Ollstein, in Think Progress)

…new data shows powerful hedge funds are profiting off of struggling families in Baltimore by buying up debts as small as $250, charging high interest rates, and taking their homes when they fail to pay. A report just released by the research and advocacy group HedgeClippers documents how the Wall Street hedge fund Fortress Investment Group and the Los Angeles-based Imperial Capital bought up hundreds of these small liens this year — on everything from an unpaid water bills to delinquent property taxes — and could take property worth tens of millions of dollars if the….

What do you think?

Brought to you by: