The Hidden Agenda of the Obama “Making Home Affordable” Plan
One of the requirements of the President Obama “Making Home Affordable” Plan is that homeowners who want to apply for this foreclosure prevention program must sign IRS form 4506T, which allows the mortgage company to get a copy of past tax returns.
The purpose of this is ostensibly to check income and ensure that fraud wasn’t committed in obtaining the loan.
I believe that there is an ulterior motive behind this plan. And that is, to collect taxes. If a homeowner has not filed taxes and a 4506T is submitted and there is no return, how hard would it be for the IRS to have a system in place to alert them to this matter?
There is no evidence that I can point to which would corroborate this. It’s just a hunch.
But when you have a president who’s presided over skyrocketing spending in his first 90 days, on top of the runaway budgets of the last 8 years, somebody- no, EVERYBODY- is going to have to pay their “fair share.” This program could serve as a great “round-up,” much like the sting operations where they lure criminals with contests promising cash and prizes.
The other reason why this theory would make sense is that some of the major lenders are forcing ALL borrowers who want foreclosure prevention assistance to be pre-screened for this program. Never mind that you could eliminate many of these people in two minutes or less. Granted, you could make the case that the mortgage servicers are doing this because they want to maximize the amount of dollars they can suck out of this program.
On the other hand, it allows the IRS to gather, or at least review, a lot of data without investing much time to harvest it.
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Tags: "Making Home Affordable", 4506T, IRS, Obama