California Real Estate Fraud Report

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15
Nov

Tax Write-Offs for Fraud? – JP Morgan Chase Thinks So

Several U.S. Senators, U.S. PIRG and Americans for Tax Fairness have presented over 160,000 signatures to the Department of Justice, demanding that DOJ prohibit JPMorgan Chase from receiving a multi-billion dollar tax deduction as a result of its settle for fraud in the sale of crisis-era mortgage securities.

If the DOJ allows the $13 billion settlement to be tax deductible, taxpayers – who were the ultimate victims of the bank’s fraudulent practices – would be on the hook for $3 billion.

According to a press release by U.S. PIRG that was published on YubaNet,

“A settlement has to mean something or it won’t have the deterrent effect it’s supposed to have,” said U.S. Sen. Chuck Grassley (R-IA). “Federal agencies should do everything they can in negotiating settlements to limit deductions.”

“Taxpayers should not be subsidizing more than $3 billion of JPMorgan’s penalties at a time when federal priorities like education, clean energy, infrastructure and other job creating investments are facing budget cuts. This settlement has to be meaningful if it is going to deter future abuses. I join the 150,000 people today who are urging Attorney General Holder to stand firm and fight for taxpayers and middle class families,” said Senator Mazie K. Hirono (D-HI), who led an effort in the Senate to ensure the Justice Department reaches a deal with JPMorgan that is fair to taxpayers.

“In its effort to protect consumers from financial crimes, the Justice Department should also protect taxpayers from getting stuck with the costs of JPMorgan’s mortgage misdeeds,” said Francisco Enriquez of the U.S. Public Interest Research Group (U.S.PIRG). “The DOJ should include language in its settlement barring the bank from deducting the cost of the settlement as a tax write off.”

© Copyright 2007-2017 Monique Bryher

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The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

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