How Banks (& the IRS) Suck Up Your Money
What sucked up all our money in the mortgage crisis? Policymakers and analysts continue to dispute causes of the 2007-2008 foreclosure crisis, which triggered a much deeper and more serious financial crisis and ultimately an economic recession. Did banks prey on unwitting consumers, or did households overreach and borrow more than they could afford–or was it BOTH? And if the debt on your house in cancelled due to foreclosure, you’ll owe federal taxes on the difference on the amount of debt that’s left when the bank takes control of your house, because they consider it to be INCOME!
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