February 17 roundup

by Walter Olson on February 17, 2012

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February 27 roundup
02.27.12 at 12:09 am
March 13 roundup
03.13.12 at 12:08 am

{ 5 comments }

1 David 02.17.12 at 11:19 am

Mortgage robo-signing settlement not actually as punitive toward the banks as you might think

The only way that could be true is if it gave the banks free blackjack and hookers. Maybe I’m just cynical.

2 Mark Biggar 02.17.12 at 11:59 am

What is the IRS position on these mortgage write-downs. A borrower whose house in under water but is having no problem making his current payments may well not want to participate in this program if the IRS is going to charge them taxes (at top marginal rate) on the difference. If not careful this could lead to more defaults and foreclosures. $500,000 mortgage, $300,000 value could result in owing $50,000+ in taxes.

3 Stuart Mauney 02.17.12 at 12:15 pm

Thanks for mentioning my post on Abnormal Use. We have gotten some interesting comments.

4 Rliyen 02.17.12 at 1:37 pm

David, just forget the blackjack! =o)

5 MF 02.21.12 at 6:48 pm

Mark Biggar: “$500,000 mortgage, $300,000 value could result in owing $50,000+ in taxes.”

Well, they could just take out a second mortgage to pay the tax liability! Oh, wait, no they can’t. OK, so the IRS slaps a lien on the property, then takes the property. It’s all part of their plan! :-(

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