DC Lawmakers Advance Bill To Limit Tax Lien Foreclosures

Law360, New York (March 19, 2014, 5:08 PM EDT) -- Washington, D.C.’s local lawmakers on Wednesday gave preliminary approval to a proposal that would halt the city’s infamous practice of allowing investors to buy tax liens and then foreclose on delinquent properties and keep the equity for themselves.

The city’s Committee on Finance and Revenue passed B20-23, the Residential Real Property Equity and Transparency Act of 2014 on Wednesday, sending it to the full City Council for a vote to come in the next few weeks.

Under current law, if a real property owner in D.C....
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