W. J. Mencarow

Weekly roundup of links to major news stories affecting the note and real estate business

Hi ,Here’s your weekly roundup of links to major news stories and articles affecting the note and real estate business. The big story this week (see the link below) is that a federal judge has ruled that the CFPB (Consumer Financial Protection Bureau) has the authority to investigate real estate seller installment sales, a.k.a. “seller financing”. If you …

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Judge rules that CFPB can investigate seller installment home sales

A federal judge has ruled that the Consumer Financial Protection Bureau has the authority to investigate seller installment home sales (a.k.a. seller carry backs). Judge Nancy G. Edmunds of Federal District Court in Detroit has ruled that one of the nation’s largest providers of seller-financed homes must comply with a demand for documents and other …

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Sen. Ted Cruz Introduces Bill To Abolish CFPB

Texas Republican Sen. Ted Cruz just introduced a two-page bill to abolish the Consumer Financial Protection Bureau, the darling of Sen. Elizabeth Warren and Bernie Sanders. The Repeal CFPB Act, which Cruz and four other Republican senators sponsored, would repeal the Consumer Protection Act of 2010, the part of the Dodd-Frank bill that created the CFPB and granted …

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CFPB and NY AG Sue Settlement Funding Company

The Consumer Financial Protection Bureau (CFPB) and New York Attorney General Eric Schneiderman have sued RD Legal Funding, LLC and related entities (“RD Legal”) in the U.S. District Court for the Southern District of New York for violations of federal and New York consumer protection laws. RD Legal engages in settlement funding, where it advances …

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It’s Nearly Impossible To Get Fired At The IRS For Tax Evasion

More than 99 percent of the thousands of IRS employees investigated for violating federal tax laws in the last five years avoided termination and continued enforcing other Americans’ tax collections, according to an analysis by The Daily Caller News Foundation’s Investigative Group. The IRS fired only 74 of 9,176 workers investigated for tax noncompliance from …

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CFBP Director’s Secret Emails With Clinton Lobbyist

Text messages obtained via Freedom of Information Act (FOIA) request from the Consumer Financial Protection Bureau (CFPB) show director Richard Cordray’s communications with Clinton donor and lobbyist Eileen Mancera. The Daily Caller exclusively broke news of Richard Cordray’s likely illegal use of a private device for communications with other CFPB staffers last month, concealing his messages from FOIA …

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Ever withdraw $1,000,000 in cash from your bank? I did. Here’s what happened.

by Grant Cardone https://www.linkedin.com/pulse/ever-withdraw-1000000-cash-from-your-bank-i-did-heres-grant-cardone? I went to the bank last summer and told them I needed a million dollars—cash. They asked for a reason, and I replied, “You didn’t ask me for a reason when I put it in, so why are you asking me about it when I want to take it out?” Think about …

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Tax-Deferred 1031 Exchanges May Face Extinction

Congress may severely curtail or even eliminate tax-deferred 1031 exchanges.  2017 may be the last year. “The small-scale owners of millions of rental homes, parcels of investment land and income-producing commercial and business real estate may not know it, but one of their key financial planning and tax tools is in danger of disappearing on …

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Trump Starts Dismantling Dodd-Frank Today!

President Donald Trump on Friday plans to sign an executive action to scale back the 2010 Dodd-Frank financial-overhaul law, in a sweeping plan to dismantle much of the regulatory system put in place after the financial crisis. Trump also plans another executive action aimed at rolling back a controversial regulation scheduled to take effect in April that …

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