Skip to comments.Tax cheats given $1.4 billion in stimulus loans
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 ...
...when you purposely waste trillions, it’s easy to steal billions.
I always wondered what it took to qualify for Stimulus Funds.
Too bad I have morals and such.
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