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Thu Jan 17, 2013, 04:50 PM

Big Banks Get Tax Break On Foreclosure Abuse Deal

Source: Associated Press

Big Banks Get Tax Break On Foreclosure Abuse Deal
AP | By By MARCY GORDON Posted: 01/17/2013 2:41 pm EST

WASHINGTON (AP) Consumer advocates have complained that U.S. mortgage lenders are getting off easy in a deal to settle charges that they wrongfully foreclosed on many homeowners.

Now it turns out the deal is even sweeter for the lenders than it appears: Taxpayers will subsidize them for the money they're ponying up.

The Internal Revenue Service regards the lenders' compensation to homeowners as a cost incurred in the course of doing business. Result: It's fully tax-deductible.

Critics argue that big banks that were bailed out by taxpayers during the financial crisis are again being favored over the victims of their mortgage abuses.


Read more: http://www.huffingtonpost.com/2013/01/17/foreclosure-settlement-tax-break_n_2497827.html?utm_hp_ref=business

11 replies, 1376 views

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Arrow 11 replies Author Time Post
Reply Big Banks Get Tax Break On Foreclosure Abuse Deal (Original post)
Judi Lynn Jan 2013 OP
msongs Jan 2013 #1
Fire Walk With Me Jan 2013 #2
marmar Jan 2013 #3
Autumn Jan 2013 #4
tridim Jan 2013 #5
KansDem Jan 2013 #6
bluesbassman Jan 2013 #7
cstanleytech Jan 2013 #8
Phlem Jan 2013 #9
frylock Jan 2013 #10
GeorgeGist Jan 2013 #11

Response to Judi Lynn (Original post)

Thu Jan 17, 2013, 05:07 PM

1. your free gift from the obama administration and our congress. happy new year! nt

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Response to Judi Lynn (Original post)

Thu Jan 17, 2013, 05:11 PM

2. K&R!

 

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Response to Judi Lynn (Original post)

Thu Jan 17, 2013, 05:28 PM

3. It's like a broken record.


Banksters will never be held accountable.


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Response to Judi Lynn (Original post)

Thu Jan 17, 2013, 05:38 PM

4. And the cycle continues.

of course they are again being favored, they own this government all the way to the top heart and soul. K/R


edited to change our to this, because it's not ours.

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Response to Judi Lynn (Original post)

Thu Jan 17, 2013, 05:46 PM

5. And consumers will probably have to pay income tax on their settlements.

Lovely.

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Response to Judi Lynn (Original post)

Thu Jan 17, 2013, 05:50 PM

6. Now, what's this about Social Security adding to the deficit?

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Response to Judi Lynn (Original post)

Thu Jan 17, 2013, 05:56 PM

7. So let's see if the fine for the next speeding ticket I get on my way to work is tax deductible.

Cost of doing business right?

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Response to Judi Lynn (Original post)

Thu Jan 17, 2013, 06:52 PM

8. BS, they commited a crime and shouldnt get any tax break for it at all. nt

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Response to Judi Lynn (Original post)

Thu Jan 17, 2013, 07:08 PM

9. USA! USA! USA!

proud to be an Amurican...



-p

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Response to Judi Lynn (Original post)

Thu Jan 17, 2013, 07:49 PM

10. can you imagine how much worse it could be with a republican in the white house?

count your blessings.

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Response to Judi Lynn (Original post)

Fri Jan 18, 2013, 05:23 AM

11. Pinch me.

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