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Tax cheats given $1.4 billion in stimulus loans
Washington Times ^
| Stephen Dinan
Posted on 06/29/2012 9:56:18 AM PDT by IbJensen
Tax cheats were given $1.4 billion in government-backed mortgage loans under President Obamas economic stimulus, and the government doled out at least an additional $27 million in tax credits to delinquents who took the first-time-homebuyer tax break, according to a government audit released Wednesday.
Under government rules, delinquent taxpayers are supposed to be ineligible for the mortgage insurance program unless they have reached a repayment agreement with the Internal Revenue Service. But the Federal Housing Administration didnt have the right controls to weed out bad applications, said the Government Accountability Office, Congress chief investigative arm.
That meant FHA insured $1.4 billion in mortgages for 6,327 borrowers who collectively owed $77.6 million in unpaid taxes, or an average of more than $12,000 each.
(Excerpt) Read more at times247.com ...
TOPICS: Business/Economy; Constitution/Conservatism; Crime/Corruption; Government
KEYWORDS: centralsocialistgovt; evilobamaregime; failure; obamanomics; porkulus; socialism; spreadthewealth; taxcheats
More white collar crime money can be gotten legally with a pen than a robber can get with a gun! The LIAR in Chief then took HIS Political ReElection KickBack Contributions from these thiefs, and then the LIAR in Chief just tacked this theft onto the Bill owed by the Taxpayers with the National Debt. Why isn't A.G. HoldHer investigating THIS! On second thought, never mind!
posted on 06/29/2012 9:56:22 AM PDT
...when you purposely waste trillions, it’s easy to steal billions.
posted on 06/29/2012 9:59:32 AM PDT
(((USAF.68-73..8th TFW Ubon Thailand..never store a threat you should have eliminated)))
I always wondered what it took to qualify for Stimulus Funds.
Too bad I have morals and such.
posted on 06/29/2012 10:18:32 AM PDT
(Lame and ill-informed post)
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