Allow the banks "MORTGAGE COMPANIES" to write off bad debt on an IRS level... this will stop the bank bailouts for good.
America should NEVER print money to bailout institutions.
Simply allow for the IRS to allow the bank in question to write off the particualar loans as bad debt in a 1 on 1 agreement with the particular Homeowner. This keeps it on paper only and isolates all innocent bystanders ie. the tax payers!
The banks should be able to simply provide an IRS "abandonment of aquistion/realestate/loan" and therefore be given the tax write off for the loss. This contains the problem to the 2 parties which made the deal to begin with. Why should others suffer the financial burdens?
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