JPMorgan to exit tax lien business

AP News
Posted: Jul 29, 2011 2:46 PM
JPMorgan to exit tax lien business

J.P. Morgan said Friday that it would exit a tax lien business that it took on as part of its acquisition of Bear Stearns in 2008.

Plymouth Park Tax Services LLC, also known as XSPAND, was started in 1997. It purchased, financed and collected real estate tax liens for local governments.

XSPAND will still service existing tax liens for its third-party clients and for its own portfolio. J.P. Morgan said it won't pursue any new business in the tax lien area.