Welcome to The Home Equity Theft Reporter, a blog dedicated to informing the consumer public and the legal profession about Home Equity Theft issues. This blog will consist of information describing the various forms of Home Equity Theft and links to news reports & other informational sources from throughout the country about the victims of Home Equity Theft and what government authorities and others are doing about it.
Wednesday, August 22, 2012
Nevada Tax Commission Fiddles, Letting Fannie, Freddie Slide On Payment Of Transfer Taxes As Statute Of Limitations 'Clock' Continues To Tick
In Carson City, Nevada, the Las Vegas Review Journal reports:
The state Tax Commission on Monday turned down Treasurer Kate Marshall's request that Nevada begin collecting real property transfer taxes on mortgages guaranteed by the federal Fannie Mae and Freddie Mac companies.
She urged the commission to require the Federal National Mortgage Association and the Federal Home Loan Mortgage Corp. to pay the tax of $5.10 for each $500 in property value in Clark County. About half of the tax goes to the state.
But commission Chairman Robert Barengo said the "law is unsettled" on whether the federal lenders, who hold more than half of all mortgages, can be assessed the tax. He suggested the state wait until additional court decisions. A majority of the eight-member board backed his view, but not all board members attended and two voted "no."
The state could collect more than $24.5 million in transfer taxes from the past three years if the state sued and won litigation over the issue, Marshall said. Either Fannie Mae, Freddie Mac or the banks that made the loans could be required to pay the taxes, she said.
"There are district courts that have ruled in our favor and district courts that ruled for Fannie and Freddie," said Marshall, who has been arguing in favor of the tax collection for more than a year.
Michigan, Illinois and Ohio have won cases and can collect the real estate transfer taxes. But Nevada's Department of Taxation has chosen not to try to collect the tax from the federal government.
Since there is a four-year statute of limitations on the tax collection, every day the state waits is another day "Fannie and Freddie don't pay," Marshall said. The state and local governments vitally need the money because of the recession and foreclosure crisis, she added.
CBC News: Betrayal of Trust (A CBC investigation reveals how lawyers across Canada have misappropriated and mishandled clients money, to the tune of tens of millions of dollars, or sometimes even charging vulnerable people top dollar for shoddy services)
Land Contract/Contract For Deed/Rent-To-Own Rackets
The New York Times: The Housing Trap (In the wake of the housing crisis, low-income families have turned to seller financing to buy homes but these deals can be a money trap)
Beware The Fine Print: Consumers Forced To Sign Away Their Rights To Use Court System
The NY Times: Arbitration Everywhere, Stacking the Deck of Justice(Part 1 in series examining how clauses buried in tens of millions of contracts have deprived Americans of one of their most fundamental constitutional rights: their day in court)
Foreclosure Mills' Abysmal Record In Complying With New NYS Foreclosure Requirements
Justice Deceived: How Large Foreclosure Firms Subvert State Regulations Protecting Homeowners
MFY Legal Services Report On Questionable Practices By Process Servers In Debt Collection Cases
Justice Disserved: A Preliminary Analysis of the Exceptionally
Low Appearance Rate by Defendants in Lawsuits Filed in the Civil Court of the City of New York
Mortgage Mess Redux: Robo-Signers Return (A Reuters investigation finds that many banks are still employing the controversial foreclosure practices that sparked a major outcry last year)
CNN Video: As Foreclosures Mount, Florida Court Turns To 'Rocket Docket'
The Wall Street Journal: A Florida Court's 'Rocket Docket' Blasts Through Foreclosure Cases (2 Questions, 15 Seconds, 45 Days to Get Out; 'What's to Talk About?' Says a Judge)
"Produce The Note" Strategy When Dealing With Missing Promissory Notes In Foreclosure Actions
ABC Video: Fighting Against Foreclosure (Some homeowners have found a new tactic to keep the banks at bay)
<< Home