The Internal Revenue Service is checking out dozens of participants in a financial arrangement to see if they are reaping illegal tax benefits by underreporting income on mortgage-backed securities, which make up the bulk of the multitrillion-dollar market for asset-backed securities.
The inquiry, which an I.R.S. official said yesterday was in its early stages, concerns the use of arcane but powerful investment entities known as real estate mortgage investment conduits.
Complete article found here
IRS Looks at Mortgage Securities
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