Peter Schiff (Ron Paul financial advisor) points out that the government destroyed the United States Economy. Let the free market cleanse the markets. The Dollar will go into free fall. Washington Mutual Inc was closed by the US government in by far the largest failure of a US bank, and its banking assets were sold to jpmorgan Chase & Co for .9 billion. ADVERTISEMENT Thursday’s seizure and sale is the latest historic step in US government attempts to clean up a banking industry littered with toxic mortgage debt. Negotiations over a 0 billion bailout of the entire financial system stalled in Washington on Thursday. Washington Mutual, the largest US savings and loan, has been one of the lenders hardest hit by the nation’s housing bust and credit crisis, and had already suffered from soaring mortgage losses. Washington Mutual was shut by the federal Office of Thrift Supervision, and the Federal Deposit Insurance Corp was named receiver. This followed .7 billion of deposit outflows at the Seattle-based thrift since Sept 15, the OTS said. “With insufficient liquidity to meet its obligations, wamu was in an unsafe and unsound condition to transact business,” the OTS said. Customers should expect business as usual on Friday, and all depositors are fully protected, the FDIC said. FDIC Chairman Sheila Bair said the bailout happened on Thursday night because of media leaks, and to calm customers. Usually, the FDIC takes control of failed institutions on Friday nights …

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Tax on 1099C, Cancellation of Debt Income; Short Sale, Loan Modification & Foreclosure. Exception; Mortgage Forgiveness Debt Relief Act, Bankruptcy & Insolvency. Go To realestatemarketingthisweek.com Part 1 (Excerpt) Expert tax advice from a CPA regarding a real estate related issues Today’s show has a timely message. We have with us, an expert in the tax ramifications of the different types of mortgage situations that people find themselves in, we have brought in Mike Patenella, that I will introduce in just a moment, as well as Brett Fallon is back with us. Were going to be talking about the tax ramifications of short sales, foreclosures, and some of the different types of loan modifications. Now if you listen to our show regularly, of course you know, we have been over the last several weeks, talking about loan modifications, but we have been getting hundreds of e-mails and calls requesting more information on the loan modifications. There are also some interesting questions that people ask about whats going to happen in regard to taxes. Thats the one thing that so many people are not talking about. Well we need to talk about it. Its something that we need to bring to you that you can hear and thats what were going to focus the majority of today’s show on. Before I introduce Mike I need to introduce one of my very best friends and the best financial advisor I have ever known, Brett Fallon. Brett thanks for being on the show today. Brett also has some information in …

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Rich Iacovetta of RMI Lending discusses the latest mortgage news. www.fbfriday.com for your latest mortgage and financial news with a humorous twist. A Long Island couple is home free after an outraged judge gave them an amazing Thanksgiving present — canceling their debt to those ruthless bankers that were trying to toss them out on the street. Suffolk county Judge Jeffrey Spinner wiped out 5000 in mortgage payments demanded by One West Spinner pulled no punches and laid the smack down on the bankers of onewest saying, I will strike down upon thee with great vengeance and furious anger. Ok, he didnt use those exact words, but that would have been the dialogue if I made the decision that left Diane and Greg Horoski, owing absolutely no money on their ranch house in East Patchogue NY. This sets a VERY troubling legal precedent. A precedent that judges can forgive debt for citizens who legitimately owe the debt.

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