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IRS Is Doing Its Part To Kill The American Dream of Homeownership-PLEASE READ $cott 05-19-2006
Posted by $cott on May 19, 2006, 11:48 am
Please log in for more thread options
 Down Payment Assistance (DPA) grants are now being challenged by the
IRS and this beneficial program is now in jeopardy of being
discarded/banned. DPA grants are commonly used for down payment and
closing cost assistance in conjunction with FHA loans.

On May 4th, the IRS issued Revenue Ruling 2006-27 that could prevent
nonprofit organizations from doing what they do best: getting
low-income families, single parents, and minorities into homes.


I need your assistance to raise for discussion what the IRS has
neglected to consider.

Here's what the IRS missed:

1. Current federal public policy on housing.

2. The needless destabilization of the housing industry and the
national economy.

3. The immediate impact on the mortgage lenders, home builders and most
importantly the American homebuyers the DPA grants help.

4. The role that Downpayment Assistance firms play in reducing the role
of government.

Here are the stats:

- The DPA industry provides over half a billion dollars of downpayment
assistance per year.
- Nearly 40% of FHA initiated loans receive downpayment assistance.

Consequently, I'm concerned about the ripple effect that the
implementation of the IRS ruling will have on our nation's economy and
homeownership.

Here is where you come in.

Below are the few items that I need your help with. Please help with as
many as you can.


1. Your phone calls and letters. Call or write requesting IRS Ruling
2006-27 be suspended for a period to allow public comment.

Treasury Secretary John Snow at 202-622-2000 (you can find a draft
letter at
http://www.thegenesisfoundation.org/assets/pdf/sdpaDraft-Letter-to-Sn...)


Director of Government Affairs Kurt Pfotenhauer at the Mortgage Brokers
Association (MBA) at 202-557-2857

2. Your stories and quotes. I'm looking for the stories of the folks
that benefited from DPA. (The "tears of joy" and "the overwhelming
sense of pride as your buyers were handed the keys at the closing"
stories and the low/moderate income families, single parents,
minorities, and others, that wouldn't otherwise be in a home today).
Please send your stories and recounts to EZMortgageLo...@aol.com.

Needless to say, timing is very important, so I'll thank you in advance
for your support, as will the thousands of Americans who would not
otherwise be able to achieve the American Dream of homeownership.

Please help me help those that are less fortunate by responding today.

Regards,


Scott Miller
National Commercial and Residential Lender/Broker Carteret Mortgage
1.877.716.6495
EZMortgageLo...@aol.com


www.RealEstate-IQ.com
www.EZMortgageLoanz.com


Posted by Rainmaker on May 21, 2006, 9:07 am
Please log in for more thread options
> Down Payment Assistance (DPA) grants are now being challenged by the
> IRS and this beneficial program is now in jeopardy of being
> discarded/banned. DPA grants are commonly used for down payment and
> closing cost assistance in conjunction with FHA loans.
>
> On May 4th, the IRS issued Revenue Ruling 2006-27 that could prevent
> nonprofit organizations from doing what they do best: getting
> low-income families, single parents, and minorities into homes.
>
>
> I need your assistance to raise for discussion what the IRS has
> neglected to consider.
>
> Here's what the IRS missed:
>
> 1. Current federal public policy on housing.
>
> 2. The needless destabilization of the housing industry and the
> national economy.
>
> 3. The immediate impact on the mortgage lenders, home builders and most
> importantly the American homebuyers the DPA grants help.
>
> 4. The role that Downpayment Assistance firms play in reducing the role
> of government.
>
> Here are the stats:
>
> - The DPA industry provides over half a billion dollars of downpayment
> assistance per year.
> - Nearly 40% of FHA initiated loans receive downpayment assistance.
>
> Consequently, I'm concerned about the ripple effect that the
> implementation of the IRS ruling will have on our nation's economy and
> homeownership.
>
> Here is where you come in.
>
> Below are the few items that I need your help with. Please help with as
> many as you can.
>
>
> 1. Your phone calls and letters. Call or write requesting IRS Ruling
> 2006-27 be suspended for a period to allow public comment.
>
> Treasury Secretary John Snow at 202-622-2000 (you can find a draft
> letter at
> http://www.thegenesisfoundation.org/assets/pdf/sdpaDraft-Letter-to-Sn...)
>
>
> Director of Government Affairs Kurt Pfotenhauer at the Mortgage Brokers
> Association (MBA) at 202-557-2857
>
> 2. Your stories and quotes. I'm looking for the stories of the folks
> that benefited from DPA. (The "tears of joy" and "the overwhelming
> sense of pride as your buyers were handed the keys at the closing"
> stories and the low/moderate income families, single parents,
> minorities, and others, that wouldn't otherwise be in a home today).
> Please send your stories and recounts to EZMortgageLo...@aol.com.
>
> Needless to say, timing is very important, so I'll thank you in advance
> for your support, as will the thousands of Americans who would not
> otherwise be able to achieve the American Dream of homeownership.
>
> Please help me help those that are less fortunate by responding today.
>
> Regards,
>
>
> Scott Miller
> National Commercial and Residential Lender/Broker Carteret Mortgage
> 1.877.716.6495
> EZMortgageLo...@aol.com
>
>
> www.RealEstate-IQ.com
> www.EZMortgageLoanz.com
>

Nehemiah, which I believe concieved the concept of charging the seller a fee
for providing DPA to the buyer, is a non-profit shell set up by Don Harris
for his own benefit; it's made him a fortune. If he had maintained a lower
profile and a more benevelent demeanor, he may have been able to stay below
the IRS's radar. Genesis, and other clone organizations, are being caught
up in the same net.

The funds used for DPA do not come from a disinterested third-party, rather
from the seller. Though these DPA organizations state that the money comes
from a general fund, they are replentished by the fee charged the seller.
Even the moron's in congress can follow that paper trail.

DPA programs from cities, counties, states, and other public entities are
not in jeopardy.



Posted by $cott on May 28, 2006, 4:19 pm
Please log in for more thread options
I see that you know about as much about this subject as you do about
option ARMs.

Rainmaker wrote:
> > Down Payment Assistance (DPA) grants are now being challenged by the
> > IRS and this beneficial program is now in jeopardy of being
> > discarded/banned. DPA grants are commonly used for down payment and
> > closing cost assistance in conjunction with FHA loans.
> >
> > On May 4th, the IRS issued Revenue Ruling 2006-27 that could prevent
> > nonprofit organizations from doing what they do best: getting
> > low-income families, single parents, and minorities into homes.
> >
> >
> > I need your assistance to raise for discussion what the IRS has
> > neglected to consider.
> >
> > Here's what the IRS missed:
> >
> > 1. Current federal public policy on housing.
> >
> > 2. The needless destabilization of the housing industry and the
> > national economy.
> >
> > 3. The immediate impact on the mortgage lenders, home builders and most
> > importantly the American homebuyers the DPA grants help.
> >
> > 4. The role that Downpayment Assistance firms play in reducing the role
> > of government.
> >
> > Here are the stats:
> >
> > - The DPA industry provides over half a billion dollars of downpayment
> > assistance per year.
> > - Nearly 40% of FHA initiated loans receive downpayment assistance.
> >
> > Consequently, I'm concerned about the ripple effect that the
> > implementation of the IRS ruling will have on our nation's economy and
> > homeownership.
> >
> > Here is where you come in.
> >
> > Below are the few items that I need your help with. Please help with as
> > many as you can.
> >
> >
> > 1. Your phone calls and letters. Call or write requesting IRS Ruling
> > 2006-27 be suspended for a period to allow public comment.
> >
> > Treasury Secretary John Snow at 202-622-2000 (you can find a draft
> > letter at
> > http://www.thegenesisfoundation.org/assets/pdf/sdpaDraft-Letter-to-Sn...)
> >
> >
> > Director of Government Affairs Kurt Pfotenhauer at the Mortgage Brokers
> > Association (MBA) at 202-557-2857
> >
> > 2. Your stories and quotes. I'm looking for the stories of the folks
> > that benefited from DPA. (The "tears of joy" and "the overwhelming
> > sense of pride as your buyers were handed the keys at the closing"
> > stories and the low/moderate income families, single parents,
> > minorities, and others, that wouldn't otherwise be in a home today).
> > Please send your stories and recounts to EZMortgageLo...@aol.com.
> >
> > Needless to say, timing is very important, so I'll thank you in advance
> > for your support, as will the thousands of Americans who would not
> > otherwise be able to achieve the American Dream of homeownership.
> >
> > Please help me help those that are less fortunate by responding today.
> >
> > Regards,
> >
> >
> > Scott Miller
> > National Commercial and Residential Lender/Broker Carteret Mortgage
> > 1.877.716.6495
> > EZMortgageLo...@aol.com
> >
> >
> > www.RealEstate-IQ.com
> > www.EZMortgageLoanz.com
> >
>
> Nehemiah, which I believe concieved the concept of charging the seller a fee
> for providing DPA to the buyer, is a non-profit shell set up by Don Harris
> for his own benefit; it's made him a fortune. If he had maintained a lower
> profile and a more benevelent demeanor, he may have been able to stay below
> the IRS's radar. Genesis, and other clone organizations, are being caught
> up in the same net.
>
> The funds used for DPA do not come from a disinterested third-party, rather
> from the seller. Though these DPA organizations state that the money comes
> from a general fund, they are replentished by the fee charged the seller.
> Even the moron's in congress can follow that paper trail.
>
> DPA programs from cities, counties, states, and other public entities are
> not in jeopardy.


Posted by Rainmaker on May 29, 2006, 5:00 pm
Please log in for more thread options
When you make a statement like that, it is appropriate to be specific about
what I said that you don't agree with, or leads you to believe I'm not
versed on the subject. What I said about Nehemiah is fact. The part about
Don Harris maintaining a lower profile was my opinion, which I'm entitled
to. I know Don Harris, he's from Sacramento, as am I.

Actually, I know quite a bit about DPA, and Option Arms. I wrote my first
DPA loan almost 16-years ago. I've funded DPA loans from various soures,
including Nehemiah, CalHFA, and Access, to name a few. I funded over $4
million in loans this month, six were Option Arms.

For you to say I don't know what I'm talking about is absurd. If you want
to take me on, as it pertains to the mortgage business, name the subject.


>I see that you know about as much about this subject as you do about
> option ARMs.
>
> Rainmaker wrote:
>> > Down Payment Assistance (DPA) grants are now being challenged by the
>> > IRS and this beneficial program is now in jeopardy of being
>> > discarded/banned. DPA grants are commonly used for down payment and
>> > closing cost assistance in conjunction with FHA loans.
>> >
>> > On May 4th, the IRS issued Revenue Ruling 2006-27 that could prevent
>> > nonprofit organizations from doing what they do best: getting
>> > low-income families, single parents, and minorities into homes.
>> >
>> >
>> > I need your assistance to raise for discussion what the IRS has
>> > neglected to consider.
>> >
>> > Here's what the IRS missed:
>> >
>> > 1. Current federal public policy on housing.
>> >
>> > 2. The needless destabilization of the housing industry and the
>> > national economy.
>> >
>> > 3. The immediate impact on the mortgage lenders, home builders and most
>> > importantly the American homebuyers the DPA grants help.
>> >
>> > 4. The role that Downpayment Assistance firms play in reducing the role
>> > of government.
>> >
>> > Here are the stats:
>> >
>> > - The DPA industry provides over half a billion dollars of downpayment
>> > assistance per year.
>> > - Nearly 40% of FHA initiated loans receive downpayment assistance.
>> >
>> > Consequently, I'm concerned about the ripple effect that the
>> > implementation of the IRS ruling will have on our nation's economy and
>> > homeownership.
>> >
>> > Here is where you come in.
>> >
>> > Below are the few items that I need your help with. Please help with as
>> > many as you can.
>> >
>> >
>> > 1. Your phone calls and letters. Call or write requesting IRS Ruling
>> > 2006-27 be suspended for a period to allow public comment.
>> >
>> > Treasury Secretary John Snow at 202-622-2000 (you can find a draft
>> > letter at
>> > http://www.thegenesisfoundation.org/assets/pdf/sdpaDraft-Letter-to-Sn...)
>> >
>> >
>> > Director of Government Affairs Kurt Pfotenhauer at the Mortgage Brokers
>> > Association (MBA) at 202-557-2857
>> >
>> > 2. Your stories and quotes. I'm looking for the stories of the folks
>> > that benefited from DPA. (The "tears of joy" and "the overwhelming
>> > sense of pride as your buyers were handed the keys at the closing"
>> > stories and the low/moderate income families, single parents,
>> > minorities, and others, that wouldn't otherwise be in a home today).
>> > Please send your stories and recounts to EZMortgageLo...@aol.com.
>> >
>> > Needless to say, timing is very important, so I'll thank you in advance
>> > for your support, as will the thousands of Americans who would not
>> > otherwise be able to achieve the American Dream of homeownership.
>> >
>> > Please help me help those that are less fortunate by responding today.
>> >
>> > Regards,
>> >
>> >
>> > Scott Miller
>> > National Commercial and Residential Lender/Broker Carteret Mortgage
>> > 1.877.716.6495
>> > EZMortgageLo...@aol.com
>> >
>> >
>> > www.RealEstate-IQ.com
>> > www.EZMortgageLoanz.com
>> >
>>
>> Nehemiah, which I believe concieved the concept of charging the seller a
>> fee
>> for providing DPA to the buyer, is a non-profit shell set up by Don
>> Harris
>> for his own benefit; it's made him a fortune. If he had maintained a
>> lower
>> profile and a more benevelent demeanor, he may have been able to stay
>> below
>> the IRS's radar. Genesis, and other clone organizations, are being
>> caught
>> up in the same net.
>>
>> The funds used for DPA do not come from a disinterested third-party,
>> rather
>> from the seller. Though these DPA organizations state that the money
>> comes
>> from a general fund, they are replentished by the fee charged the seller.
>> Even the moron's in congress can follow that paper trail.
>>
>> DPA programs from cities, counties, states, and other public entities are
>> not in jeopardy.
>



Posted by anthony on June 17, 2006, 1:47 pm
Please log in for more thread options

Rainmaker wrote:
> When you make a statement like that, it is appropriate to be specific about
> what I said that you don't agree with, or leads you to believe I'm not
> versed on the subject. What I said about Nehemiah is fact. The part about
> Don Harris maintaining a lower profile was my opinion, which I'm entitled
> to. I know Don Harris, he's from Sacramento, as am I.
>
> Actually, I know quite a bit about DPA, and Option Arms. I wrote my first
> DPA loan almost 16-years ago. I've funded DPA loans from various soures,
> including Nehemiah, CalHFA, and Access, to name a few. I funded over $4
> million in loans this month, six were Option Arms.
>
> For you to say I don't know what I'm talking about is absurd. If you want
> to take me on, as it pertains to the mortgage business, name the subject.
>
>
> >I see that you know about as much about this subject as you do about
> > option ARMs.
> >
> > Rainmaker wrote:
> >> > Down Payment Assistance (DPA) grants are now being challenged by the
> >> > IRS and this beneficial program is now in jeopardy of being
> >> > discarded/banned. DPA grants are commonly used for down payment and
> >> > closing cost assistance in conjunction with FHA loans.
> >> >
> >> > On May 4th, the IRS issued Revenue Ruling 2006-27 that could prevent
> >> > nonprofit organizations from doing what they do best: getting
> >> > low-income families, single parents, and minorities into homes.
> >> >
> >> >
> >> > I need your assistance to raise for discussion what the IRS has
> >> > neglected to consider.
> >> >
> >> > Here's what the IRS missed:
> >> >
> >> > 1. Current federal public policy on housing.
> >> >
> >> > 2. The needless destabilization of the housing industry and the
> >> > national economy.
> >> >
> >> > 3. The immediate impact on the mortgage lenders, home builders and most
> >> > importantly the American homebuyers the DPA grants help.
> >> >
> >> > 4. The role that Downpayment Assistance firms play in reducing the role
> >> > of government.
> >> >
> >> > Here are the stats:
> >> >
> >> > - The DPA industry provides over half a billion dollars of downpayment
> >> > assistance per year.
> >> > - Nearly 40% of FHA initiated loans receive downpayment assistance.
> >> >
> >> > Consequently, I'm concerned about the ripple effect that the
> >> > implementation of the IRS ruling will have on our nation's economy and
> >> > homeownership.
> >> >
> >> > Here is where you come in.
> >> >
> >> > Below are the few items that I need your help with. Please help with as
> >> > many as you can.
> >> >
> >> >
> >> > 1. Your phone calls and letters. Call or write requesting IRS Ruling
> >> > 2006-27 be suspended for a period to allow public comment.
> >> >
> >> > Treasury Secretary John Snow at 202-622-2000 (you can find a draft
> >> > letter at
> >> > http://www.thegenesisfoundation.org/assets/pdf/sdpaDraft-Letter-to-Sn...)
> >> >
> >> >
> >> > Director of Government Affairs Kurt Pfotenhauer at the Mortgage Brokers
> >> > Association (MBA) at 202-557-2857
> >> >
> >> > 2. Your stories and quotes. I'm looking for the stories of the folks
> >> > that benefited from DPA. (The "tears of joy" and "the overwhelming
> >> > sense of pride as your buyers were handed the keys at the closing"
> >> > stories and the low/moderate income families, single parents,
> >> > minorities, and others, that wouldn't otherwise be in a home today).
> >> > Please send your stories and recounts to EZMortgageLo...@aol.com.
> >> >
> >> > Needless to say, timing is very important, so I'll thank you in advance
> >> > for your support, as will the thousands of Americans who would not
> >> > otherwise be able to achieve the American Dream of homeownership.
> >> >
> >> > Please help me help those that are less fortunate by responding today.
> >> >
> >> > Regards,
> >> >
> >> >
> >> > Scott Miller
> >> > National Commercial and Residential Lender/Broker Carteret Mortgage
> >> > 1.877.716.6495
> >> > EZMortgageLo...@aol.com
> >> >
> >> >
> >> > www.RealEstate-IQ.com
> >> > www.EZMortgageLoanz.com
> >> >
> >>
> >> Nehemiah, which I believe concieved the concept of charging the seller a
> >> fee
> >> for providing DPA to the buyer, is a non-profit shell set up by Don
> >> Harris
> >> for his own benefit; it's made him a fortune. If he had maintained a
> >> lower
> >> profile and a more benevelent demeanor, he may have been able to stay
> >> below
> >> the IRS's radar. Genesis, and other clone organizations, are being
> >> caught
> >> up in the same net.
> >>
> >> The funds used for DPA do not come from a disinterested third-party,
> >> rather
> >> from the seller. Though these DPA organizations state that the money
> >> comes
> >> from a general fund, they are replentished by the fee charged the seller.
> >> Even the moron's in congress can follow that paper trail.
> >>
> >> DPA programs from cities, counties, states, and other public entities are
> >> not in jeopardy.
> >
Would it just not be better for HUD and FHA loans to allow for 100%
Financing. Like VA loans? Instead of getting the gift from the seller
and potentially...if not always inflating the price? Just a thought.


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