August 02, 2007

HousingPANIC Stupid Question of the Day

Can you imagine the amount of tax fraud and unreported income these past few housing bubble years?

* Realtors taking under-the-table bribes

* Flippers taking cash-back-at-close

* Appraisers getting paid cash to make the numbers work

* Investors claiming they lived in a home for 2 years for the tax-free gain when they never spent a day

* Unreported short sales (that should be reported as income)

And so many more housing tax fraud scams.

Meanwhile, thank you Bush Administration, IRS and Justice Department - nobody was minding the store these past few years, and America got screwed.


Anonymous said...

Welcome to Bushy-nomics

GoodNewsEveryone said...

Just wait until the Dems get the white house in 08 and scale down the war and start to pay off the debt in stead of run it up.


that will really start a new dog leg down for Real Estate.

tmaioli said...

Hey that ship is filled with illegal aliens!

don't count on it! said...

Don't count on it. Look and see who in Congress is getting the big bucks from the Real Estate Industry...Hillary is at the top/near the top.

Anonymous said...

Yup, ex-wife bought a 1/3 acre building lot in a McHouse subdivision full of vinyl siding from her developer skanky buddy for $48,000 but according to her kids she got some cash back after closing dollars under the table arrangement. The reported sale amount was to keep all the other idiots buying lots in the development from getting their panties in a wad over buying at full price. Not something you can prove very easily but in general, what goes around comes around eventually. I think it would be punishment enough to become entrapped living in that type of development but that's just my opinion.

Anonymous said...

Ah, but you see Keith, Bush has loaded up on land in Paraguay. So who's the fool?

Ordinarily people would consider a sitting president loading up on land a joke. But w knows what's coming!

Anonymous said...

Damn it, it's gonna rain today.

I blame Bush.

My brother's a flipper said...

How about flippers claiming "primary residence" to get the loan. Major fraud.

Anonymous said...

Bush has loaded up on land in Paraguay

Well, the Reverend Moon has still got him beat out. It is more important to note that it is on top of South America's largest natural aquifer and has a VERY large runway there.

Laugh it up! said...

The government will catch up with them.

And now that they're all broke and wiped out, they have zero money to mount a legal defense for tax fraud and tax evasion and will all be convicted and go to jail.

PS: It's cloudy here today. Guess it's Bush's fault.

Anonymous said...


Anonymous said...

well ain't you cleaver!

westwest888 said...

My girlfriends dad said this happened in the early 80s. The bank regulators said, "Listen, you're not in the real estate industry. You're banks. Get these properties off your balance sheets and hold out for 80% LTV on future originations." How we got back to where we are now is beyond me.