"Like hundreds of other Texans, they lost their home after defaulting on a property tax loan that had initially seemed like a financial lifeline."
"These high-interest loans are part of a multibillion-dollar industry native only to Texas and Nevada."
"Backed by San Antonio billionaire Red McCombs, Propel claims in its financial disclosures to have never lost money on a loan. But there’s growing concern that homeowners take on unnecessary risk with property tax loans."
"Property tax lending began to flourish in Texas in the late ’90s, taking advantage of a Depression-era provision in state law that allows a third party to pay off a homeowner’s property taxes with the homeowner’s consent. The law was never intended to create a business opportunity."
Democrats must be elected to stop this wealth transfer and more!
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