tag:blogger.com,1999:blog-2447438783001404385.post8342307977110940756..comments2024-03-28T23:48:08.527-05:00Comments on Jackson Jambalaya: The Mayor & his mortgageKingfishhttp://www.blogger.com/profile/06184990110961727404noreply@blogger.comBlogger45125tag:blogger.com,1999:blog-2447438783001404385.post-56704190669255193032016-06-07T15:33:35.365-05:002016-06-07T15:33:35.365-05:001:45, that is the mind set of most of the people i...1:45, that is the mind set of most of the people in Jackson. Anything they can do to get something for nothing is what they understand best, especially if it may be white people they are getting it from. <br />Yarber isn't any different than Stokes. It is always the fault of others, never anything they may have done.<br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-58490292618640304122016-06-07T13:45:36.332-05:002016-06-07T13:45:36.332-05:00That is the very one 2:41. I was being sarcastic...That is the very one 2:41. I was being sarcastic. I just read the story in the clarion and it read like yarber thought his situation of not paying his mortgage was funny. <br /> His comments were unbelievable--the cavalier way his statements came across shows to me<br />how much so many of "our leadership" in Jackson have no shame in the corrupt why they do business--private or public. Far worst to me is that the majority, apparently, of the citizens of Jackson DO NOT CARE and/or do not understand the consequences. <br /> I got the impression Yarber and/or the reporter was implying that Wells Fargo was at fault for making this loan in the first place WELL Yarber had to know at the time he could not pay the loan back and was getting in over his head yet he went ahead anyway.<br /> It paid off in a big way for HIM not so much for the rest of us who end up having to pay more to make up for his and others defaulting on loans. Yet another example of the ALL RIGHT I got something for free mentality. <br /> <br /> Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-73753753331610593072016-06-05T14:41:10.902-05:002016-06-05T14:41:10.902-05:0011:34, are you talking about the same mayor that w...11:34, are you talking about the same mayor that wouldn't even explain to the city council about spending all of the city's money, including emergency funds? Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-79817172092614971102016-06-03T11:34:23.544-05:002016-06-03T11:34:23.544-05:00Why not call and ask the major to clarify? Surely...Why not call and ask the major to clarify? Surely he would gladly want to clear this up by simply stating his mortgage was one caught up in the mess<br />these lenders ended up in after the Clinton admin made the banks loan to people who could not afford the loans.<br />VERY simple for him to clear all the talk. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-3912012487120573442016-06-02T22:15:51.915-05:002016-06-02T22:15:51.915-05:00Did everyone forget about the Mortgage Debt Forgiv...Did everyone forget about the Mortgage Debt Forgiveness Act of 2007. These were not taxable 2007-2014: https://www.irs.gov/uac/home-foreclosure-and-debt-cancellationAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-21465209364127334502016-06-01T19:08:52.321-05:002016-06-01T19:08:52.321-05:00Aren't there situations where the 1099-reporte...Aren't there situations where the 1099-reported amount is NOT taxable if the debtor is insolvent?CPAnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-59760675214806018022016-06-01T13:17:12.482-05:002016-06-01T13:17:12.482-05:0011:08 AM
The issue was whether or not the Mayor&#...11:08 AM<br /><br />The issue was whether or not the Mayor's receipt of a free house was a taxable event to him.<br /><br />In his case it was not a taxable event.<br /><br />The answer is no but not because of conventional rules but by way of statute and independent settlement by and between the parties. If WF does not submit a 1099 (and they did not in this case and in 20 billion dollars worth of other cases) then its not taxable. WF did not send the 1099s because the relief act applicable said it was permissible/required for them to so proceed. In other words the law protected the Mayor and similarly situated "victims" of mortgage fraud. (40 year loan refi, fees, etc.).<br /><br />So your claim that this event under normal circumstances is a taxable event is probably correct. In this case however, due to the law and agreement of the parties allowed under that law, it is not taxable income.<br /><br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-3895472726741000132016-06-01T11:08:42.828-05:002016-06-01T11:08:42.828-05:007:33 - The question was whether some or all of the...7:33 - The question was whether some or all of the debt forgiveness is taxable, and the answer is yes, as adjusted for possible insolvency. Period. The question of whether he will have to pay may be decided by an audit, which is a remote possibility these days. However if he doesn't report it at all and gets audited, he'll probably be subject to various penalties, in addition to the tax. I'm fairly certain that WF sent him a 1099, as they're required to do. That being the case, he'll have to deal with it sooner or later.<br /><br />No need for examples, I deal with this kind of thing regularly. My strong sense is that you do not, as your ignorance with respect to this area is very obvious. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-65565075684864569422016-06-01T07:39:10.672-05:002016-06-01T07:39:10.672-05:00So 6:40 PM
Since the "victim" above is ...So 6:40 PM<br /><br />Since the "victim" above is indeed a white guy...there goes your silly theory that the perks are only for black people.<br /><br />Go get your hood and sheets....you have a rally to attend soon....<br /><br />I hope you dont have kidsAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-55955040405821179492016-06-01T07:33:51.559-05:002016-06-01T07:33:51.559-05:009:54 PM
No info to begin audit because no documen...9:54 PM<br /><br />No info to begin audit because no document exists to trigger it.<br /><br />It never begins.<br /><br />If you need an example...look no further than the Mayor.<br /><br /><br /><br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-91564479235960169162016-06-01T06:40:48.695-05:002016-06-01T06:40:48.695-05:007:14 is correct - 3:53 is a white guy. This isn&#...7:14 is correct - 3:53 is a white guy. This isn't a racial thing.<br /><br />One other note from my post @ 3:53 - one reason Chase was so quick to refinance besides the govt. pressure is that the going rate for conforming loans with good credit when I got my gift refinance was 2.90. So chase turned around with my new 3.50 loan and sold it to a mortgage pool for about a 7% profit. Banks needed to get these non-conforming loans off of the books. They were wrapped up in CDO's which were sinking, and investors like PERS of Mississippi (which had tens of millions of this junk in their portfolio) were asking to be made whole. If you haven't seen the movie "The Big Short", it is worth renting on your dish/cable/directTV. The whole mortgage finance industry had gone crazy.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-51962707597854916012016-06-01T05:59:20.203-05:002016-06-01T05:59:20.203-05:003:53pm Thanks for trying to explain.
Unfortunatel...3:53pm Thanks for trying to explain. <br />Unfortunately, few read the story and the comments .<br />And, some are too young or too inattentive to remember more than a few other CL stories from the late 70's and early 80's of state politicians' loans ( not mortgages) being " forgiven".<br />But, I guess if you liked the guy and voted for him, you thought forgiving campaign debt was OK.<br />Here's a news flash for some of you, some folks get lower rates for bank loans even when their credit score is the same as yours.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-20520755372831067582016-05-31T21:54:18.798-05:002016-05-31T21:54:18.798-05:00Hey lawyer - when it comes to taxes, burden of pro...Hey lawyer - when it comes to taxes, burden of proof is on the taxpayer. Stick to what you know, whatever that is - or isn't. <br /><br />CPAAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-41636363368322671032016-05-31T21:24:59.800-05:002016-05-31T21:24:59.800-05:00Somebody receives $92k cash but no 1099? No income...Somebody receives $92k cash but no 1099? No income! Itz awwwwwlll good.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-10562090170085784762016-05-31T21:00:51.615-05:002016-05-31T21:00:51.615-05:00The IRS would have a very hard time pressing their...The IRS would have a very hard time pressing their case in court without proof...ie the 1099.<br /><br />Net result - not income<br /><br />LawyerAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-28807847980643170852016-05-31T19:28:52.571-05:002016-05-31T19:28:52.571-05:00With few exceptions, debt cancellation is income, ...With few exceptions, debt cancellation is income, regardless of whether it's reported on a 1099 or not. However, if someone is insolvent immediately before the debt is forgiven, then you can reduce the taxable portion to the extent of insolvency. Insolvency is basically adding up the fair market value of every thing you own, and then subtracting your total debt immediately prior to the forgiveness. If it's a negative number, that's the amount of debt forgiveness you can exclude from income. Signed, a CPA in tax practice for over 30 years. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-59664897485236919592016-05-31T19:14:36.117-05:002016-05-31T19:14:36.117-05:003:53 PM above is a white guy....bet you a house.3:53 PM above is a white guy....bet you a house.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-1218500637979156932016-05-31T18:40:56.866-05:002016-05-31T18:40:56.866-05:00Sheets and hoods. Hell no, I am putting in an ord...Sheets and hoods. Hell no, I am putting in an order for black power t shirts. I don't see any white person being forgiven a home loan.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-36047688615925608012016-05-31T17:49:04.023-05:002016-05-31T17:49:04.023-05:005:16 PM
Your sheets and hoods are ready to pick u...5:16 PM<br /><br />Your sheets and hoods are ready to pick up at the cleaners.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-4216552178141811802016-05-31T17:16:15.217-05:002016-05-31T17:16:15.217-05:00@4:53 PM, apparently if you are black just stop ma...@4:53 PM, apparently if you are black just stop making your payments and all is good.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-69976695872547048662016-05-31T17:01:42.302-05:002016-05-31T17:01:42.302-05:003:53
The government required 75% of 20 billion in...3:53<br /><br />The government required 75% of 20 billion in relief to happen in 2 years time...so lots of folks were "forgiven."<br /><br />Thank you for sharing.<br /><br />JJ, the self proclaimed "mortgage expert," should probably have taken the Bar exam and practiced a little law before he started writing incendiary rhetoric about the Mayor and his finances.<br /><br />This blog post is actually part of a larger picture. Without any facts or questions about the underlying facts, people post on here about how evil, corrupt, bad the Mayor.<br /><br />Do you not see anything wrong with this?<br /><br />Its vile and destructive.<br /><br />Yall need to quit automatically assuming the worst in people.<br /><br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-65266111126937413122016-05-31T16:43:53.520-05:002016-05-31T16:43:53.520-05:00My mortgage is with Wells Fargo. How do I get mine...My mortgage is with Wells Fargo. How do I get mine forgiven?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-42657872946112947322016-05-31T16:35:08.601-05:002016-05-31T16:35:08.601-05:00It's a shame the remainder of the Wells Fargo ...It's a shame the remainder of the Wells Fargo is not available. One suspects that a notification of the tax implications of the "forgiven debt" is contained on page 2 along with a statement that WF would be providing a 1099 at year's end. Perhaps a complete copy of the letter can be obtained and posted?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-5018430350668417252016-05-31T15:53:59.844-05:002016-05-31T15:53:59.844-05:00This mortgage was likely made by a mortgage broker...This mortgage was likely made by a mortgage broker and sold to WF. These 40 year mortgages were abusive and were target of the Obama admin push to forgive principle. In 2012, Obama began putting the big squeeze on the banks, because up to that point, they had been dragging their feet on helping out underwater homeowners. I'm sure that WF looked at a 100K house underwater in a bad part of Jackson on a 40 year mortgage and decided that they would net zero on a foreclosure and simply wrote off the balance as part of the settlement, since the Feds directed them to forgive billions in principle.<br /><br />Me personally, I took out a "stated assets, stated income" loan from Chase before the crash. I tried to get it refinanced starting in 2011, but was always told no because I was 1)not underwater, 2) current on payments, and 3) Had a home equity loan on the property. And anyway, my credit got shot and I told Chase that they would have to refinance with no income or asset verification and a credit score around 600. But after the Feds started putting the squeeze on Chase, I got a call one day in late 2012 where Chase said they were refinancing my loan at no cost, no verification of anything, don't worry about the Home Equity line, credit score at 600 no problem. Next day my rate dropped from 5.25 to 3.50. They sent a guy over to my office to sign paperwork and the whole thing occurred in 1 day. I didn't initiate any of it. So I believe Tony Yarber when he says that Wells just wrote his loan off in the blink of an eye - it was happening to others like me.<br /><br />My house payment was cut $600 per month. It gave me a tremendous amount of cash flow help when I needed it most, and gave me the room to pay off other stuff and get my credit score above 720. So I too was thankful for the divine intervention on my behalf. <br /><br />From 2009 to 2011, the banks put the screws to everyone who was vulnerable. They canceled credit lines, raised interest rates, and made it impossible for the little guy to borrow. I don't have any sympathy for them, and as far as I'm concerned, the financial penalties should have been greater.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-42582188933119150142016-05-31T14:47:58.364-05:002016-05-31T14:47:58.364-05:00I know nothing about the Yarber situation, however...I know nothing about the Yarber situation, however I do know that financial INDUSTRIES caught by the Feds with unlawful practices do "forgive" debt. The credit card industry, owned by the banks, have made billions of dollars of forgiveness on credit card accounts due to a consent decree agreement in the 90'sAnonymoushttps://www.blogger.com/profile/00303329830190586644noreply@blogger.com