Homebuyer Tax Credits Went To Four-Year-Olds

AOL:

There have been more than 500 instances of adults using the names of minors -- including a four-year-old -- to qualify for the first-time homebuyer tax credit, presumably to get around income caps and a requirement that the purchaser had never owned a home, a House panel learned Thursday.

Read the whole story: AOL

Comments

[Alex Tahoma]

Wow, using a 4-year old to buy a house. Can you get any lower than that?

[USA2Sense]

Sure seems to me - it's about time the IRS had a little oversight done on it's organizati­on.......t­hey seem to be able to get away with everything­..........­.just because they are the IRS!

[laaambchop]

Yeah, it's a great primary key for dBases...

[NoSillyName]

Didn't they have to supply their SSNs? Or any other kind of ID? How did this work?

[sheaintsayin]

I ain't sayin', but I saw it with my own eyes and although I threw flags on the field, I did not control the documents so I could not control the outcomes - it is all about the docs (sigh).

[vippy]

Tell me how a 4year old can buy a house. We still don't have anyone in charge or minding the store?

[NoSillyName]

What do you mean by "still"? This was passed in '08 and has been discovered in '09.

What time period is covered by "still"?

This situation does seem preposterous.

[lostagain]

Oh thank heavens for the Law of Unintended Consequences. Once again, short sighted legislators fall for the tricks of the bankers.

[drymartini1]

bankers or citiizens commiting fraud by lying on their applications?

[vindrag]

The corporations got $700 Billion from Congress during the last days of the Bush administration, and we are concerned about this?

[inorbit]

Only 500?

The low number is the only thing that surprises me.

Nail the crooks!

[kelo]

Enough of this artificial economy. First all the bailouts,next cash for clunkers(wonder how much fraud in that), and homebuyer tax credit. Government please stop spending and see what the real economy is.

[texastrixie]

How does a 4 year old get a mortgage? Didn't they have to check employment? If the 4 year old was only used as a "first-time" homebuyer so his parents could buy the house, then I hope the kid can finance it on his own, because his parents should be going to jail. All these people who didn't meet the qualifications should be brought up on criminal fraud charges! We have lawyers out of work. Hire them (on a temporary basis) to handle these cases. You can do most legal work over the internet, and just need to go to the locality when it comes to trial. Since this is federal fraud, the atty general could grant priviledges for these temp lawyers to work in any federal jurisdiction. And some of the people committing fraud need to go to jail. Fines won't deter people. Federal prison will.

[inorbit]

Yes, a simple check of the four year old's credit history would show there is none.

That should have raised a red flag.

[middleofthemiddle]

Government once again proving how inept it really is.

[littlepuffycloud]

I think it proves how dishonest human beings really are and proves more regulation is needed.

[leftLibertarian]

There are always ways around regulations. Just don't bail anyone out then you wouldn't need regulating.

[dadw5boys]

Rushing to make laws always makes bad laws. Just ask Bush.

[mcmutter]

Persecute fraud to the full extent of the law.

[NoSillyName]

Prosecute Fraud; Persecute Fraudsters.

[1differentdrummer]

"There is currently no law limiting the age of tax credit recipients." Well, okay, except a minor cannot make a contract so any sales or purchase agreement might actually be null and void. Same for the mortgage in the child's name. What lender would lend money to a four year old? IRS should go after this for conspiracy if the realtor was in on it.

[marijam]

At least they were caught and will be charged and/or fined. Which is more than I can say about the white collar criminals on Wall Street and in political office.

[isolow]

exactly!

I want to see these people prosecuted if they in fact did commit fraud.. but why are we going after the small fish with such vigor when we've got an entire corrupt financial industry that hijacked this countries coffers and yet NO ONE has been prosecuted or even investigated...