Turn on Chris Hayes right fugging now - the banks have been stealing people's

[malaise]

homes - four million homeowner foreclosures were criminal (to be kind)

[baldguy]

1. You want to get away with Grand Larceny?

Be a bank.

[malaise]

4. Frightening

Good fugging grief.

[SharonAnn]

19. How to rob a bank? Own one.

[RebelOne]

2. Watching now. n/t

[malaise]

3. More details here

http://bostonherald.com/business/real_estate/2013/04/us_banks_to_send_checks_in_foreclosure_settlement
<snip>
The nation's largest banks will begin sending payments this week to millions of Americans who may have been wrongfully foreclosed on during the housing crisis.

A total of $3.6 billion in cash will be distributed to 4.2 million borrowers who lost their homes or were at risk of foreclosure, the Federal Reserve and the U.S. Comptroller of the Currency said Tuesday. Payments will range from $300 to $125,000. About 90 percent of borrowers whose mortgages were serviced by 11 of the banks will receive payments by the end of April, the agencies said.

The last group of payments is expected in mid-July.

A large share of those receiving payments, about 3 million borrowers, will each get only $300 or $400, according to data issued by the two agencies. Around 80 percent of them will receive $1,000 or less.

At the other end of the scale, $125,000 payments will go to 1,082 military personnel, who were foreclosed upon in violation of a law prohibiting foreclosures on active-duty service members, and to 53 borrowers who weren't in default on their mortgages but still lost their homes.

Generally homeowners who were wrongly denied a loan modification are entitled to relatively small payments. By contrast borrowers whose homes were deemed to be unfairly seized are eligible for the biggest payments.
---------------
People should be going to prison here not paying fines.

Spitzer coming up after Alexis Goldstein

[AnotherMcIntosh]

10. "A total of $3.6 billion in cash will be distributed ..." From taxpayers' money, probably.

[tridim]

11. None of it is taxpayer money.

http://nationalmortgagesettlement.com/faq

[AnotherMcIntosh]

16. Money is fungible.

If the banksters aren't using taxpayer money, it's not from lack of trying.

When you say that "None of it is taxpayer money," you do know, don't you, that they will deduct the payouts?

At the very least, the use of the deductions will result in the payouts being subsidized by U.S. taxpayers.

[dsc]

22. actually I don't think the losses in a lawsuit are deductible

since the gains from one aren't taxable. In other words Smith sues Jones for 1k. Smith has paid the tax on the 1k since it was at one time income to Smith, but Jones doesn't pay taxes on the 1k.

[AnotherMcIntosh]

28. If I understand you correctly, I believe that you are saying that (1) the amounts paid to the

homeowners or former homeowners is not taxable to them and (2) because the amounts paid to them are not taxable, then the banks cannot deduct the payments.

If that's not what you are saying, please just let me know.

In the meantime, I suggest that no one will find any Code provision, Regulation, or case-law to support a theory that the deduction of business expenses incurred to settle lawsuits are dependent upon whether the amounts are includible in the recipients' gross incomes. The issues in this type of situation are independent.

Whether the amounts are includible in the recipients' gross incomes depends upon a number of factors, including the theory or theories by which the money was sought. Not all recoveries are tax-free, although some are. Some recoveries can have both taxable and nontaxable components. Since you mentioned certain words (losses, gains, taxable), and since you referred to "Smith" and "Jones," I assume that you have a background in law and may even be an attorney. If true, you may also recognize that the determination of a nontaxable portion may depend upon each taxpayer's basis in the amount that they receive.

From time to time, the Congressional Research Service provides reports for Congress which address certain issues. One report entitled "Tax Issues in Litigation: Treatment of Judgment and Settlement Payments and Deductibility of Legal Expenses," which was updated in 2006, can be found here: http://congressionalresearch.com/RL32253/document.php

The report does not cover all issues on the subject, and it may or may not be the most current one. However, it is a professional and unbiased explanation of the law as understood by the CRS at the time that the report was written. Any research on the issue of deductibility should include an examination of IRC 162 and the related Regs. There are also special rules related to banks.

[dixiegrrrrl]

15. Those 1,082 military foreclosures were FELONIES, btw.

Funny thing, no prosecutions.

[Shrike47]

20. And it's not hard to check, there's a website.

They just didn't give a damn.

[GiveMeFreedom]

26. +1 dixiegrrrl. K&R

[malaise]

30. +1,000

Who is going to prison for this?

[elleng]

5. Yea mal.

Making me sick.

[malaise]

6. Grand larceny indeed

with OCC complicity - unfuggingbelievable.

[rhett o rick]

7. Wouldnt it be nice if we had an Admin that would look out for us? nm

[KG]

8. that would be teh awesome...

[Honeycombe8]

18. Yeah. It would be much better if we had the Romney admin.

[valerief]

21. Neglect is neglect, no matter who is doing it. nt

[Honeycombe8]

33. There is a difference. One person is not the same as another. The ACA is better than no health care

reform. Millions of acres set aside for preservation is better than millions of acres turned into WalMart parking lots. A pay fairness bill for women is better than binders full of women. Pulling out of Afghanistan is better than doing a surge there. Proposing a chained CPI without protections for Social Security recipients is better than privatizing Social Security. Cuts to Medicare is better than privatizing it into a voucher system.

[octoberlib]

9. Kick!

[bvar22]

12. Oh Boy!!!

President Obama and Attorney general Eric Holder are going to jump right on THIS.
This is even too blatant for THEM to ignore.

At LONG Last, we are going to see RICH Bankers doing the Perp Walk for their crimes!




You will know them by their WORKS,
not by their excuses.
[font size=5 color=green]Solidarity99![/font][font size=2 color=green]
--------------------------------------------------------------------------------------------------------------------------------[/center]

[liberalhistorian]

13. Who cares? We've got some REAL

criminals to go after, like people who buy snickers bars with their food stamps or people with disabilities scamming the system. Sheesh. Priorities, people, priorities!

(Can't find the sarcasm thingie, but really hope it wouldn't have been needed!!)

[TheMadMonk]

24. :sarcasm: is how yous does it. /nt

[notadmblnd]

14. The settlement covers borrowers

whose homes were in any stage of the foreclosure process in 2009 or 2010. It ended an independent review of loan files that the two agencies ordered in 2011.

Banks and consumer advocates had complained that the loan-by-loan reviews were time-consuming and costly and didn't reach many affected borrowers. Some questioned the independence of the consultants who performed the reviews, who often ruled against borrowers.

Consumer advocates have criticized the deal, saying the regulators settled for too low a price by letting banks avoid full responsibility for wrongful foreclosures.

The other banks in the settlement are HSBC, MetLife Bank, PNC Financial Services, Sovereign, SunTrust, U.S. Bank, Aurora, Morgan Stanley and Goldman Sachs.

__

Borrowers can call Rust Consulting, the paying agent, at 1-888-952-9105 to update their contact information or verify that they are covered by the settlement.

http://bostonherald.com/business/real_estate/2013/04/us_banks_to_send_checks_in_foreclosure_settlement

[deutsey]

17. It's been through this world I've rambled

I've seen lots of funny men
Some will rob you with a six-gun
And some with fountain pen

-Woody Guthrie

[malaise]

31. Profound

[In_The_Wind]

34. Indeed!

[Left Coast2020]

23. Can someone in Mass. send this Senator Warren?

Does or would she know about this?

[alfredo]

25. They are lucky the citizens aren't armed to the teeth.

[GiveMeFreedom]

27. No kidding. n/t

[ms.smiler]

29. Malaise, yes, the foreclosures were wrongful and illegal and the actual number is far greater than 4

million.

This page contains the video of the All In with Chris Hayes segment:

http://stopforeclosurefraud.com/2013/04/09/foreclosure-settlement-a-nationwide-crime-scene-all-in-w-chris-hayes/

What many homeowners don’t realize though is that the very same problems, wrongdoing and illegal activity that is determined during and/or after foreclosure, is present nearly the entire time the homeowner is making mortgage payments.

MERS breaches the mortgage contract and clouds the property Title, as does mortgage securitization. MERS and the banksters prefer that homeowners ignore the damages owed to them and simply concentrate on making mortgage payments until the time when regardless of payment history, they are ready to steal the property.

It takes forged, invalid, robo-signed documents to simulate ownership of mortgage loans in foreclosure, the same as it would take at this very moment to simulate ownership of a mortgage that is duly paid.

If you are a homeowner, do you have any idea how many Assignments MERS has failed to file in your county land records? Do you have any idea how many gaps and breaks MERS created in your chain of Title? Under the laws of your state, do you know if your mortgage even remains valid?

Damages for wrongful foreclosure are generally about 3 times the value of the property. These homeowners will receive $500 to $125,000. These homeowners need to find counsel and sue.

[malaise]

32. Thanks for this