Mortgage Servicing Fraud
occurs post loan origination when mortgage servicers use false statements and book-keeping entries, fabricated assignments, forged signatures and utter counterfeit intangible Notes to take a homeowner's property and equity.
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Cindy
http://www.reuters.com/article/2011/04/27/us-usa-mbs-taxes-idUSTRE73Q7UX20110427

Adam Levitin says if IRS fails to act, it is a backdoor bailout of the financial system. 
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floridagal

NUCLEAR BOMBSHELL- THE IRS Enters The Fraudclosure Fight

                                                       

Ignore everything else we think might happen in fraudclosuregate….the three letters that send a cold shiver up any thinking person’s spine are….

I.R.S.

INTERNAL REVENUE SERVICE

The issue is simple. The mortgage backed trusts flagrantly violated the IRS’s REMIC regulations.  The banksters got favored treatment under the REMIC pass-through rules. These rules required the banksters to transfer the mortgages into the trusts within 120 days of closing. They ignored this, and many other important REMIC rules.  And if they ignore the rules, they blow their REMIC tax-favored status and owe the IRS BAAAAAAHHHHJILLIONS of dollars……

We’ve all know for a long time that if the IRS ever dug into this issue ….. all bets are off …..

WOW….JUST WOW…

The IRS confirmed to Reuters that the review comes in response to mounting evidence that banks violated tax requirements by mishandling the transfer of mortgages to REMICs, short for Real Estate Mortgage Conduits.

Should the IRS find reason to take tough action, the financial impact could be enormous. REMIC investments are held by pension funds, in individual retirement plans such as 401(k)s and by state and local government entities.

As of the end of 2010, investments in REMICs totaled more than $3 trillion, according to data supplied by the Securities Industry and Financial Markets Association.

In a brief statement in response to questions from Reuters, the agency said: “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.”

IRS REMIC

 

 

 

Scridb filter
               

Liar, Liar, Pants on Fire- BLOOMBERG FIRES BACK AT BERNAKE

                                                       

Well ain’t this just a fine ‘ole mess we’re all in.

First Bloomberg goes all First Amendment on the private banking cabal, which causes an international FIRESTORM.

Next, Bernake goes all Thought Police on the formerly Free Press and lashes out, telling Bloomberg THEY’RE ALL WRONG!

In the next salvo, Bloomberg female dog slaps Bernake with a biting blow by blow analysis showing Bernake where he’s full of excrement.

This is just how nutso this country is…the big shots cannot even figure out…what the hell is happening with trillions of dollars?

And if there’s this much dispute over what should be “simple” what’s going on with the important stuff like where’s the money in all of America’s bank accounts?

 

Federal Reserve Chairman Ben S. Bernanke said in a letter to four senior lawmakers today that recent news articles about the central bank’s emergency lending programs contained “egregious errors.”

While Bernanke’s letter and an accompanying four-page staff memo posted on the Fed’s website didn’t mention any news organizations by name, Bloomberg News has published a series of articles this year examining the bailout. The latest, “Secret Fed Loans Gave Banks $13 Billion Undisclosed to Congress,” appeared Nov. 28.

BLOOMBERG

 

 

 

 

 

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