Homebuyer tax credit: 950,000 must repay

Homebuyer tax credit: 950,000 must repay

LMFAO!! Yet Another Bomb! Thank you for the rise in Real Estate sales…How do you say “bait and switch”! Were these disclosure properly made?

Can’t wait to see the outcome of these sub-prime mortgages when most of the 950K were counting on this!

Les Christie, staff writer, On Thursday September 9, 2010, 2:40 pm EDT

Nearly half of all Americans who claimed the first-time homebuyer tax credit on their 2009 tax returns will have to repay the government.

According to a report from the Inspector General for Tax Administration, released to the public Thursday, about 950,000 of the nearly 1.8 million Americans who claimed the tax credit on their 2009 tax returns will have to return the money.

The confusion comes because homebuyers were eligible for two different credits, depending on when their homes were purchased.

Those who bought properties during 2008 were to deduct, dollar for dollar, up to 10% of the home’s purchase price or $7,500, whichever was less. The catch: The money was a no-interest loan that had to be repaid within 15 years.

Had they waited to buy until 2009, they could have gotten a much sweeter deal. Congress extended the credit and made it a refund rather than a loan.

Continue Reading…YAHOO

© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.

Posted in Bank Owned, breach of contract, conflict of interest, FHA, foreclosure, foreclosures, mortgage, note, Real Estate0 Comments

Rep. Conyers and Kaptur letter to Geithner, Fannie, FHFA to Stop Efforts to Pursue Strategic Defaulters

Rep. Conyers and Kaptur letter to Geithner, Fannie, FHFA to Stop Efforts to Pursue Strategic Defaulters

You know… after MOJO’s article “EXCLUSIVE: Fannie and Freddie’s Foreclosure Barons”

I’m not so sure this is a wise decision to go after strategic defaulters on their part mainly because they are associated with “Strategic Fraudsters”! I don’t think they realize this may not be limited to just Florida…Attorney Generals in every state should follow Florida’s lead on investigating the Foreclosure Mill’s in their states and see whether or not they are following the correct legal procedures to.

If I were Fannie and Geithner, I would seriously reconsider anything plans they may have.

[ipaper docId=35920499 access_key=key-2i1iwywv2265lawj8oy3 height=600 width=600 /]

© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.

Posted in conspiracy, fannie mae, FHA, foreclosure, foreclosure fraud, foreclosure mills, foreclosures, geithner, investigation, walk away1 Comment

US tries to recoup Fannie, Freddie losses

US tries to recoup Fannie, Freddie losses


WASHINGTON – July 16, 2010 – A federal regulator is taking steps that could lead to the recovery of some losses sustained by mortgage giants Fannie Mae and Freddie Mac.

The Federal Housing Finance Agency said Monday it is looking to get back money that the two government-controlled companies have lost on mortgage securities packaged and sold by Wall Street firms.

During the housing market’s boom years, the two government-sponsored companies snapped up those securities, which contained some of the riskier loans made during the housing boom years. But they declined dramatically in value after the market went bust.

The regulatory agency said it has issued 64 subpoenas seeking loan files and other documents to determine whether the sellers of those securities made any false statements or omissions. Fannie and Freddie had tried to do so themselves but have faced resistance in getting the loan documents, said the agency, which was given subpoena power two years ago.

The agency said in a statement that it is “prepared to take appropriate action to ensure compliance, if necessary.” Any money recovered by the government would offset losses at Fannie and Freddie, which have cost taxpayers $145 billion so far.

Many analysts agree that Fannie and Freddie fed the boom in shady mortgage lending by snapping up billions in dubious mortgage investments and by lowering standards for the mortgages they guaranteed.

“It’s a shame Fannie and Freddie didn’t ask these questions themselves when they were buying these securities in the first place,” said Howard Glaser, a Washington mortgage industry consultant who formerly had both companies as clients. “The truth is that they never really wanted to dig too deep into the true nature of the loans they were buying.”

But the government’s ability to recover money will depend on whether the mortgage companies that made the loans are still operating, said Scott Buchta, chief mortgage strategist with Braver Stern Securities. Many of the lenders who made the worst-performing loans have gone out of business.

“It’s going to be a long process,” Buchta said.

Fannie and Freddie currently hold about $255 billion of these mortgage-backed investments, known as “private label” securities. They amount to less than 5 percent of the $5.5 trillion in mortgage securities the companies own or guarantee and are separate from those issued by Fannie Mae and Freddie Mac themselves.

Fannie and Freddie have also been trying to recover money on their own securities by forcing lenders to buy loans that have gone into default.
AP Logo Copyright 2010 The Associated Press, Alan Zibel (AP Real Estate Writer). All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.

Posted in fannie mae, FHA, Freddie Mac, mbs, mortgage, STOP FORECLOSURE FRAUD, wall street0 Comments

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