Predatory RE investors in DC

[Will Kern]

Headline: This man owed $134 in property taxes. The District of Columbia sold the lien to an investor who foreclosed on his $197,000 house and sold it. He and many other homeowners like him were left with nothing.

Here's an article from the Washington Post about a predatory system of debt collection for well-financed, out-of-town RE companies that turn $500 delinquencies into $5,000 debts — then foreclose on homes when families can’t pay.

Comments?

https://www.washingtonpost.com/sf/investigative/2013/09/08/left-with-nothing/

[Russell Brazil]

Maybe it is the city that is the predator here and not the investors.