Taxpayers Picking Up Tab For Foreclosure Fraud

StrikeDebt ‏@StrikeDebt

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http://news.firedoglake.com/2013/01/18/taxpayers-picking-up-tab-for-foreclosure-fraud/

As if more evidence was needed that Wall Street has rigged the game in its favor, the IRS is going to allow the banks that engaged in a massive nationwide program of mortgage fraud to write off their settlement:

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.

(More at the link.)