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News Link • Housing
Some Lose Homes Over as Little as $400
Outdated state laws allow big banks and other investors to reap windfall
profits by buying the houses for a pittance and reselling them, the
National Consumer Law Center said in a report being released Tuesday.
Local governments can seize and sell a home if the owner falls behind on
property taxes and fees. The process helps governments make ends meet
at a time when low property values and the weak economy are squeezing
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Tags: outdated, investors, windfall, profits, buying, houses, pittance, reselling, national, consumer, center, report, released, tuesday, governments
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