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Old 04-28-2011, 11:39 AM
 
78,551 posts, read 37,634,605 times
Reputation: 11402

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Quote:
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
IRS Likely to Expand Mortgage Industry Coverup by Whitewashing REMIC Violations « naked capitalism
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Old 04-28-2011, 11:42 AM
 
Location: Raleigh, NC
20,056 posts, read 17,226,207 times
Reputation: 3826
It pays to be in Obama's inner circle.

"Socialism for thee, not for me"
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Old 04-28-2011, 11:43 AM
 
Location: Great State of Texas
86,068 posts, read 79,427,695 times
Reputation: 27671
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".
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Old 04-28-2011, 11:46 AM
 
Location: Los Angeles
14,371 posts, read 9,107,395 times
Reputation: 6651
Quote:
Originally Posted by InformedConsent View Post
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.
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Old 04-28-2011, 11:46 AM
 
29,984 posts, read 40,659,194 times
Reputation: 12803
How much corruption is acceptable Progressives? You blame the banksters while giving this administration a free ride in the cover-up? Really?
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Old 04-28-2011, 11:50 AM
 
Location: South Dakota
2,608 posts, read 1,969,581 times
Reputation: 769
Just another day in Obamaland...

Get used to it, suck it up....

Nothing will stop this Crime spree!!!
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