Exclusive: IRS weighs tax penalties on mortgage securities and Possible Industry Cover Up

Empty REMICS

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Exclusive: IRS weighs tax penalties on mortgage securities

(Reuters) – The Internal Revenue Service has launched a review of the tax-exempt status of a widely-held form of mortgage-backed securities called REMICs.

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.

Check out the rest of the Reuters article here…

Also check out Yves Smith’s take on how there may be a cover up over at Naked Capitalism here…

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Comments
9 Responses to “Exclusive: IRS weighs tax penalties on mortgage securities and Possible Industry Cover Up”
  1. Jose says:

    Don’t worry guys, the “MARKET” is getting ready for the next big debacle. Which is just the final burst of the home mortgage and securitization fraud crap they created. They are simply speculating the hell out of he stock market and once they see they can cash out they will fleece us all again.

    With an economy in trouble like ours, who can explain a booming stock market?, who run the stock market?, these people are specialists in creating fictitious market activity. Later they lift the plug we go down the drain and the fat cats bask in their ill gotten profits in Switzerland.

    Have any Swiss banks gone bankrupt?
    Have any Cayman Inland bank gone bust?

    No because that is where they keep their money hidden form us.

  2. l vent says:

    They are on the right track……………………..

  3. Tim Bryant says:

    If it was actually a serious investigation, Wall Street would have reacted immediately. When I see the market plunge, I will believe it !!!

  4. Jason Werner says:

    Section 860, subsection a through c is what I violated for my employers all the time with fraudulent overdrafts on checking accounts that we should not have cashed checks for anyway, just charging junk fees to customers, then charging off the bogus fees as expenses, ripping off both investors (lies to them about actual fees generated and lies to the government about write-offs – the other side of the ledger).

    Banks are really doing this crime a lot with respect to credit, foreclosures of course. And they hide the dollar amount for which they sold the alleged debt to a different company.

    • yvonne says:

      I have a question for you guys…why is it that the banks send in to the IRS report on how much taxes a homeowner pays even if the bank does nto make that payment but the homeowner pays his own taxws and insurance? Do they get credit for this from the IRS or what do they gain from doing so,,,it makes the bank look as if the bank is paying the taxes. I understand that they get some credit…your thoughts..
      .and also, someone once told me, an insurance broker that mortgages are already paid for once they are sold or you walk away from the closing table…don’t remeber exactly the words so I hope am not misquoting…or geving wrond info…your thoughts….

  5. I first published articles on REMIC non-compliance with IRS requirements three years ago. This is one ticking time bomb of liability that could result in billions of dollars of losses. Expect the Comptroller of the Curency, Federal Reserve and Treasury to pressure IRS to ignore the problem.

  6. tony says:

    I sent in my info to the IRS as a whistleblower some time ago Glad to see someone is looking , I hope that the big banks can’t stop the IRS , who can they pay off now. But I also sent it to all other agency’s as well and nmothing has been done except to carry on the COVER UP of FRAUD !!!

  7. housemanrob says:

    So now there will be even more minimal fines!

  8. l vent says:

    That’s right, collect the missing money from the real PONZI SCHEME criminals and sheisters or their perps! They have it hidden. WE THE PEOPLE DO NOT HAVE THE MISSING MONEY. They robbed us too, and they still are trying to bankrupt the people to cover-up for their crimes. MAINSTREET has been robbed blind. We can’t pay any more for their PONZI SCHEME HEIST.

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