There are so many crises going on around the world right now, with uprisings going on all the time. It’s hard to keep up to date with these global events and it is my sense that there’s a lot more to come. There’s an awakening going on and because of improved communications like social media, the people realize that they are not alone. Globally, the huge gap between the rich and poor is at the heart of the discontent.
It turns out that the big Wall Street banks have found a dirty new way to make loads of cash from U.S. homeowners, and they really, really don't want to talk about it. So what is this dirty new business? America's biggest financial institutions have become property tax collectors, and it is extremely lucrative. From coast to coast, the big Wall Street banks are buying up thousands upon thousands of tax liens and are making a killing by socking distressed homeowners with predatory interest, outrageous penalties and almost unbelievable legal fees. In some areas, the big banks are able to foreclose on these homes in as little as six months. The elderly and the poor are the most common targets of these practices. An absolutely brilliant expose in the Huffington Post has brought these issues to light, and it is creating quite a controversy in the financial world. The big banks are doing nothing illegal here. Local governments are offering to sell thousands of tax liens and somebody is going to end up buying them. But something seems extremely unsavory about the big Wall Street banks capitalizing on the economic downturn that they were so instrumental in causing in such a predatory manner.
In the April CIBC VISA card statements, an updated
Cardholder Agreement was enclosed explaining some recent changes.
Written in legal language that is difficult to read and
understand, as of September 1, 2010 cardholders will be paying more interest on
their purchases. It matters not that banks continually show record- breaking
profits even during a recession, they consistently change the rules to skim
more profit from the working class and middle class people.
I contacted the CIBC VISA Centre to confirm my understanding
of these changes.Here is a concrete
example of how the new policy is intended to work.
It turns out that the big Wall Street banks have found a dirty new way to make loads of cash from U.S. homeowners, and they really, really don't want to talk about it. So what is this dirty new business? America's biggest financial institutions have become property tax collectors, and it is extremely lucrative. From coast to coast, the big Wall Street banks are buying up thousands upon thousands of tax liens and are making a killing by socking distressed homeowners with predatory interest, outrageous penalties and almost unbelievable legal fees. In some areas, the big banks are able to foreclose on these homes in as little as six months. The elderly and the poor are the most common targets of these practices. An absolutely brilliant expose in the Huffington Post has brought these issues to light, and it is creating quite a controversy in the financial world. The big banks are doing nothing illegal here. Local governments are offering to sell thousands of tax liens and somebody is going to end up buying them. But something seems extremely unsavory about the big Wall Street banks capitalizing on the economic downturn that they were so instrumental in causing in such a predatory manner.
