J.P. Morgan to Exit Tax Lien Business
New York, July 29, 2011 - J.P. Morgan announced today that the firm would begin exiting its tax lien business, Plymouth Park Tax Services, LLC, which also operates under the name XSPAND.
The firm will not pursue any new business in this area, effective immediately. XSPAND will continue to service existing tax liens for its third party clients and for its own portfolio.
XSPAND is a subsidiary of JPMorgan Chase & Co. and was acquired by the firm along with the 2008 acquisition of Bear Stearns. The business was established in 1997 to purchase, finance and collect real estate tax liens for local governments. By selling tax liens to XSPAND, local governments secured immediate cash, accelerating the receipt of delinquent tax revenue while transferring risk to J.P. Morgan. XSPAND helped local governments in 19 states realize more than $4 billion in revenue from the sale of delinquent property tax liens.
About J.P. Morgan
J.P. Morgan is the investment banking arm of JPMorgan Chase & Co. (NYSE: JPM), a leading global financial services firm with assets of $2.2 trillion and operations in more than 60 countries. The Firm is a leader in investment banking, financial services for consumers, small-business and commercial banking, financial transaction processing, asset management and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about J.P. Morgan is available at www.jpmorganchase.com