The 70-member NTLA represents the interests of the hedge funds, banks, acquisition and servicing firms, title companies and law firms that agree to be bound by its code of ethics, which explicitly prohibits anticompetitive conduct. Westover says the code is strictly enforced.
"Shenanigans" like collusive bidding are why advisors should thoroughly vet tax lien funds and servicers before entrusting clients' money to them. Liggett says. "No family office should risk their reputation or their capital," he says.