Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
As established readers know, we’ve been writing since mid 2010 about the widespread, possibly pervasive, failure of mortgage securitization originators to convey the notes (the borrower IOU) to securitization trusts as stipulated in the deal documents, well before the robo signing scandal broke. This abuse matters because the transaction procedures were designed carefully to satisfy certain legal requirements, among them rules contained in the 1986 Tax Reform Act regarding REMICs, or real estate mortgage investment conduits, which required that the securitization trust receive all its assets by 90 days after closing and that all assets conveyed to the trust have to be “performing”, as in not in default. Failure to comply with the rules is a prohibited act and subject to taxation at a rate of 100%, and additional penalties may apply.
Now, with the Federal government under enormous budget pressure, shouldn’t the authorities be keen to go after tax cheats?...
The article goes on to say that the IRS won't go after the REMIC tax code violations because Obama's White House has told them to not do so.
Quote:
demanding that [REMIC] tax law violators pay what they owe is somehow seen as an misuse of government authority
Wow..the WH is calling the shots now and deciding who is good vs who is bad ?
I guess it pays to be on their good side and political donations might get them a place on the "good list".
The article goes on to say that the IRS won't go after the REMIC tax code violations because Obama's White House has told them to not do so.IRS Likely to Expand Mortgage Industry Coverup by Whitewashing REMIC Violations « naked capitalism
Are you surprised? Nothing shocks me anymore when it comes to Washington favoritism. The list of "untouchables" is growing by the day while we are witnessing the crime of the century, and nobody will ever be charged for being a part of it. Look at Angelo Mozilos' slap on the wrist, token fine. The guy raked in billions, paid back millions and retired somewhere on a beach sipping Pina' Coladas.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
