Buyback of Tax Liens

[blueblackcat]

I tried to find the older threads having to do with this but the search isn't working today.

http://www.post-gazette.com/pg/06342/744573-53.stm

The city, Pittsburgh Public Schools and Pittsburgh Water and Sewer Authority will pay $6.5 million to get the debts back. They sold them for $64 million in several transactions in the late 1990s.

The deep discount is thanks to a decision by financial giant MBIA Inc. of Armonk, N.Y., which is the parent company of Capital Asset, to get out of the tax debt business, which has not been profitable.

[bradsp]

I tried to find the older threads having to do with this but the search isn't working today.

http://www.post-gazette.com/pg/06342/744573-53.stm

This is really good news. It looks like the city is going to come out of this without huge losses, besides the years of hurdles to development.

Now all that's left are a bunch of state laws that still force an 18 month auction process for these properties before the city can sell them to developers. The ridiculousness never seems to end. Hopefully with some of the changes in state government they will start to focus on creating a better redevelopment climate for cities instead of promoting greenfields out in the far reaches of suburbia by stifling the urban centers while building mega-highways.