Big Banks Get Tax Break On Foreclosure Abuse Deal

[Judi Lynn]

Source: Associated Press

Big Banks Get Tax Break On Foreclosure Abuse Deal
AP | By By MARCY GORDON Posted: 01/17/2013 2:41 pm EST

WASHINGTON (AP) — 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.

Critics argue that big banks that were bailed out by taxpayers during the financial crisis are again being favored over the victims of their mortgage abuses.


Read more: http://www.huffingtonpost.com/2013/01/17/foreclosure-settlement-tax-break_n_2497827.html?utm_hp_ref=business

[msongs]

1. your free gift from the obama administration and our congress. happy new year! nt

[Fire Walk With Me]

2. K&R!

[marmar]

3. It's like a broken record.

Banksters will never be held accountable.

[Autumn]

4. And the cycle continues.

of course they are again being favored, they own this government all the way to the top heart and soul. K/R


edited to change our to this, because it's not ours.

[tridim]

5. And consumers will probably have to pay income tax on their settlements.

Lovely.

[KansDem]

6. Now, what's this about Social Security adding to the deficit?

[bluesbassman]

7. So let's see if the fine for the next speeding ticket I get on my way to work is tax deductible.

Cost of doing business right?

[cstanleytech]

8. BS, they commited a crime and shouldnt get any tax break for it at all. nt

[Phlem]

9. USA! USA! USA!

proud to be an Amurican...



-p

[frylock]

10. can you imagine how much worse it could be with a republican in the white house?

count your blessings.

[GeorgeGist]

11. Pinch me.