Comments on: February 17 roundup

By: March 13 roundup

March 13 roundup — Tue, 13 Mar 2012 05:08:37 +0000

[…] groups expect to cash in on state AGs’ robosigning settlement [Neil Munro, Daily Caller, earlier] As does NAAG itself [Daniel Fisher] More: Kevin […]

By: February 27 roundup

February 27 roundup — Mon, 27 Feb 2012 05:09:34 +0000

[…] What the mortgage settlement did [John Cochrane, earlier] […]

By: MF

MF — Tue, 21 Feb 2012 23:48:31 +0000

Mark Biggar: “$500,000 mortgage, $300,000 value could result in owing $50,000+ in taxes.”

Well, they could just take out a second mortgage to pay the tax liability! Oh, wait, no they can’t. OK, so the IRS slaps a lien on the property, then takes the property. It’s all part of their plan! 🙁

By: Rliyen

Rliyen — Fri, 17 Feb 2012 18:37:33 +0000

David, just forget the blackjack! =o)

By: Stuart Mauney

Stuart Mauney — Fri, 17 Feb 2012 17:15:54 +0000

Thanks for mentioning my post on Abnormal Use. We have gotten some interesting comments.

By: Mark Biggar

Mark Biggar — Fri, 17 Feb 2012 16:59:33 +0000

What is the IRS position on these mortgage write-downs. A borrower whose house in under water but is having no problem making his current payments may well not want to participate in this program if the IRS is going to charge them taxes (at top marginal rate) on the difference. If not careful this could lead to more defaults and foreclosures. $500,000 mortgage, $300,000 value could result in owing $50,000+ in taxes.

By: David

David — Fri, 17 Feb 2012 16:19:46 +0000

Mortgage robo-signing settlement not actually as punitive toward the banks as you might think

The only way that could be true is if it gave the banks free blackjack and hookers. Maybe I’m just cynical.