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| Oh, The IRS Woke Up? in forum [Market-Ticker]
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Digitlman
Posts: 331
Incept: 2011-03-04
Online
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Gotta make up tax revenue somewhere since we're not collecting Jack **** from GE.
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Gillianx
Posts: 65
Incept: 2010-01-07
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The whitewashes are coming thick and fast.
Again my prediction: no harm will come to any of the TBTF banks from this. Someone else is going to have to pay baby!
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Digitlman
Posts: 331
Incept: 2011-03-04
Online
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In related news: "Exxon Mobil's first-quarter profit surges 69% to $10.7 billion due to higher oil and natural gas prices."
How's about we stop giving these ****ers tax breaks? How about that, IRS?
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Dashingdwl
Posts: 9762
Incept: 2007-06-26
los angeles
Online
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Banks pay up? NEVER. Someone might, but not the TBTF banks.
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When you are hard and disciplined, you can be principled. People fear you because they have no leverage against you. It's the truest form of Liberty.
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Wis/min
Posts: 5364
Incept: 2009-08-14
On the border
Online
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Quote:How's about we stop giving these ****ers tax breaks? How about that, IRS? The IRS has no power to issue "tax breaks" Let's get rid of all tax breaks for everyone. |
Pika-steph
Posts: 54728
Incept: 2007-09-11
Live Free Or Die; US Army Est. 1775
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Quote:"The IRS is aware of questions in the market regarding REMICs and proper ownership of the underlying mortgages as set out in federal tax law, and is actively reviewing certain aspects of this issue."
The statement said the IRS would not make any further comment. An IRS spokesman declined to say anything about the extent of the review, or whether the agency is likely to take action.
The review, however, is a sign that the widespread bank misdeeds in home foreclosure cases are spilling over to threaten the interests of investors in mortgage-backed securities. The banks originated the mortgages and packaged them into securities. ORLY? If there's a problem with the 'ownership' of the mortgages under tax law, there's a problem with the ownership of the mortgages under both contract law and property law, thus, the IRS's assertion here, also goes to prove that this was never a 'paperwork snafu' - and further, is evidence that not only were investors screwed, homeowners were screwed. Oh, the irony. The nemisis of all American citizens, the IRS, may turn out to be the agency that is most authoritative as to the level of fraud perpetrated on them by the banks. Oh, and this is the sort of thing I've been looking for since the U$D has been threatening to collapse in disorderly fashion. It's possible this is the avenue by which Bernanke 'defends' the dollar without stopping QE. You guys who think this won't 'harm' the TBTF banks aren't looking at this through Bernanke's eyes.
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Stop the Looting; Start Prosecuting - http://www.FedUpUSA.org/ "The only regulation that really works is failure."--Rick Santelli
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J0nx
Posts: 3068
Incept: 2008-08-12
The trashcan of the nation
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You know who's going to pay. Look here. 
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The fraud and lies are only allowed to continue because the people allow it. Either through apathy or ignorance, they still allow it.
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Bertdilbert
Posts: 2662
Incept: 2008-12-22
CA
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It was not a box of chocolate covered dog turds, it was just an empty box after all...
Will this take the focus off the "deadbeat homeowner"?
I assume our lackluster SEC will have to address this in addition to the IRS which will end up being another trust expense. Defrauded investors comes to mind.
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Dear Euroland: Relax, Germany has a plan for your money!
Political Capital Defined: We are out of money but will tax our citizens for whatever it takes to "SAVE" the Euro.
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C130gunship
Posts: 95
Incept: 2010-06-28
Corinth, TX
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You nailed this one KD, congratulations! I think BOA will be the first bank turd flushed.
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Larrtarr
Posts: 9
Incept: 2009-10-13
Dallas, TX
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Weezie
Posts: 6070
Incept: 2008-05-19
Caution: Congress at Work
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Quote:Oh, the irony. The nemisis of all American citizens, the IRS, may turn out to be the agency that is most authoritative as to the level of fraud perpetrated on them by the banks. Indeed, the enemy of our enemy is our friend.
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The election is not a way to have a voice in government, but rather an impotent declaration if we prefer ketchup or mustard on our **** sandwich.
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Onelegged
Posts: 267
Incept: 2009-11-13
NW Colorado
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Yet another small fine and no admission of guilt on its way. Scamerica lives.
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The light at the end of this tunnel is a train.
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Etz
Posts: 13890
Incept: 2007-06-26
LA
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Lobbying and corruption will insure this never happens.
Go savvy businessmen!
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Legal chicanery and beneficent darkness are the banker's stoutest allies - F.Pecora.
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Lowbeyond
Posts: 16914
Incept: 2008-02-11
CO aka West NJ/East CA
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Quote:Indeed, the enemy of our enemy is our friend. Meh. The IRS will still remain a bunch of goose stepping jack boots of the government. **** them
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Maybe it was a birdy bread-bomber from the future?!
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Damnitalready
Posts: 158
Incept: 2009-12-07
Texas
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I foresee a "fine without admitting anything" kinda outcome.
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Binney
Posts: 4185
Incept: 2008-08-27
Riverhead, NY
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This is very interesting... admittedly, I don't quite understand the vehicle. How are these REMICs bought and sold? My fear will be that the IRS imposes penalties and the the owners will have to pay (likely my (and your)state worker pension money - so I'll have to make that whole through tax dollars). Then the owners won't be able to sue the bank that sold it Quote:At least for some REMICs, though, prospects for suing the banks may be limited. April Charney, a Florida legal aid attorney and leading expert on mortgage backed securities and foreclosures, said that the agreements establishing the REMICs specify strict time limits for investors to sue the banks for any deficiencies in turning over promised mortgages. Can anyone give an example of a REMIC? I'd like to understand this...
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write-in: Beelzebub
When you just can't vote for the lesser of two evils any more.
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Tesla
Posts: 15542
Incept: 2008-04-03
State of Disbelief
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The IRS let Turbo Timmy skate for just a few $$; anybody else would have been looking at a criminal prosecution for tax fraud. Why would Turbo screw the banks this way, his favored recipients of taxpayer largesse ?
Think like a criminal...or a politician (but I repeat myself...). It's silly season and time to shake the tree for campaign contributions. The word is the banks have been donating to the GOP as the potential frontrunners; anyone not think the Dems are going to do a little reminding they're in the game too ?
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"Even a dog knows the difference between being stumbled over and being kicked." -Justice Oliver Wendell Holmes
"Neither the wisest Constitution nor the wisest laws will secure the liberty and happiness of a people whose manners are universally corrupt." -Samuel Adams
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Genesis
Posts: 130770
Incept: 2007-06-26
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Remic = all mbs
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I don't care if it makes sense -- only if it makes money. -- Me
Bank (n): See scam, fraud and theft. Eat a bankster -- they're low-carb.
What part of "shall not be infringed" was unclear?
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Binney
Posts: 4185
Incept: 2008-08-27
Riverhead, NY
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All Mortgage backed securities receive tax exemption on their income??? holy crap! that is every state's pension system, plenty of private retirement money, too.
I'm gonna say this is a big UH-OH!! Karl, what are your thoughts on the ultimate bagholders??? Us???
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write-in: Beelzebub
When you just can't vote for the lesser of two evils any more.
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Leapfrog
Posts: 33
Incept: 2011-01-12
CA
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This is MOST EXCELLENT news! I have been harping about REMICs/tax fraud to anyone who is forced to listen. I have also done my "patriotic duty" and notified the IRS at least a dozen times on this issue. I do wonder how the banksters will try to weasel out of it and how their CONgress lackeys will try to whitewash the massive REMIC fraud though. It will be interesting to watch as the saga unfolds.
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Imustbenutz
Posts: 283
Incept: 2010-11-04
Absurdistan, USSA
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Quote:"But IF the IRS concludes that the REMIC investments failed to comply" If the IRS lawyers are anything like the SEC lawyers, they will do nothing to jeopardize their future employment opportunities. IMHO - this will result in just another non-judicial slap on the wrist with no admission of guilt. |
Ribbit
Posts: 1781
Incept: 2007-09-10
Wales, UK
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If the State was a Nanny, it would have been fired for incompetence, unreliability, and having its hands in the till, a very long time ago now.
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Nevertoolate
Posts: 1220
Incept: 2007-08-26
San Antonio de Bexar de runover with illegals, Texas
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IRS is under the direct control of the Sec. of the Treasury. I would love to see it happen, but I think it will get buried and they will all look the other way.
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"Socialist never mind stealing, as long as they are the ones doing the stealing. They never mind lying, as long as they are doing the lying."-Mannfm11
Before you attempt to beat the odds, be sure that you can survive the odds beating you.
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Steelhead23
Posts: 2043
Incept: 2008-09-09
Portland OR
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From folks I know who have come to blows with the IRS - they take enforcement very seriously. Thus, the institutional nature or the IRS would be to pursue this and seek restitution and back taxes. IRS is not SEC. Because investigation/prosecution would undermine the WH policy of protecting TBTFs, it is very likely that the WH would prefer that IRS not pursue this matter. http://www.nakedcapitalism.com/2011/04/i....If there is correspondence between the White House and IRS headquarters regarding how enforcement of REMIC rules are to be carried out, that should be public information, available through a FOIA request. However, the WH is savvy and it is likely that such policy direction was provided without documentation. I basically agree, the WH has been acting as a TBTF bank protection racket. If allowed to conduct business below the radar of public scrutiny, they will whitewash these violations. WE must insist that these violations be thoroughly investigated and prosecuted as required by law. If the WH wishes to pursue its racket, let them do so in the broad light of day.
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"Give me control of a nation's money and I care not who makes it's laws" —Mayer Amschel Bauer Rothschild Benjamin Bernanke
For-profit commercial banks are a menace and should be eradicated
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