Mortgage write-downs/short sales are providing the IRS with a backdoor to further enslave the population.
Like many acts of legislation, the Community Reinvestment Act of 1977 (CRA) may have had altruistic roots. But sadly, the CRA became a promotional tool that backfired greatly on the American people. The CRA was created with the purported aim at helping low-income neighborhoods gain the American dream of home ownership. The real outcome was far different from the stated intention.
The CRA was pushed mostly by President Bill Clinton in the 1990s (here he is trying to take credit for it) and continued while George W. Bush was in office. Prior to Clinton’s term, home loans largely meant that a family had to save enough money to put 20 percent down on the purchase price. Yet in the 16 disastrous years of the Clinton-Bush (the son) era,lending standards were lowered. Many loans were granted without a single penny of downpayment.
The guarantee for the increased risk was put on the shoulders of the American taxpayer….
Read more at Constitution.com