Taxpayers Picking Up Tab For Foreclosure Fraud

[Fire Walk With Me]

StrikeDebt ‏@StrikeDebt

Got foreclosure fraud? "Breaking the law is not just a business expense for Wall S, it’s their business." http://tinyurl.com/afeo5xf @firedoglake

http://news.firedoglake.com/2013/01/18/taxpayers-picking-up-tab-for-foreclosure-fraud/

As if more evidence was needed that Wall Street has rigged the game in its favor, the IRS is going to allow the banks that engaged in a massive nationwide program of mortgage fraud to write off their settlement:

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.

(More at the link.)

[Demeter]

1. We should have expected this, but it still bites

This country needs to have its head examined.

[msongs]

2. the pimps control the prostitutes, what else is new? nt

[bvar22]

3. Wall Streert is to blame for rigging the Tax Codes??!!!

I believe that some/most of our Elected Politicians bear more responsibility.

All Wall Street can do is ask, and attempt to BUY favorable legislation.
Corrupt Politicians of BOTH Political Parties are to blame for the actual betrayal of the American People.