An article by Diane Francis appeared in the Financial Post on Saturday, November 17, 2007. Titled “Subprime mess is a crime story” the article outlined key issues. Diane said “At the top were mortgage lenders, then Wall Street and others who exported junk debts to lenders around the world after prettying them up. At the bottom was a corrupt system that handed out mortgage broker licences like driver’s licences, and then handed out mortgages like candy at Halloween. In between were crooked appraisers and organized crime.” (see her article) Why didn’t regulators and the Feds get involved? One answer may surprise you:
Archive for the Category »Tax Debt «
Category: Analysis, Archives, Editorial, Government Positions, Mortgage Fraud, Opinion, Tax Debt
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I do not have any houses serviced by American Home, but have been tracking the progress of the mortgage payment servicers for mortgages during the mortgage meltdown. American Home is holding payments collected from borrowers and not forwarding the money to the lender as specified in their servicing contract. Their defense of the action is “it’s their (American Home’s) money while their bankruptcy is being sorted out by the courts.
Category: Archives, Escrow, Lenders, Tax Debt
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If you are a victim of foreclosure you might receive form 1099 from the Internal Revenue Service. In a recently commented case the homeowner lost his home to foreclosure. His mortgage company, Wells Fargo, bought the home at auction on the court house steps. Wells paid one dollar for the home. The former owner received a tax bill for the payoff, plus fees, minus one dollar.
Category: Archives, Foreclosure, Tax Debt
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