spoiledrotten1
New Member
On 28 May, 2006 Southern Maryland Housing Bubble News first alerted it's readers about the actions of so-called, non-profit charities after finding a suspicious listing for a home buying seminar posted on a well known local web site. Yesterday we exposed that the CFO of that charity was paid a $574,535 salary in 2004, the most recent year for which we could obtain their tax return. Read that story here!
Here is the text of the ad that first alerted us:
"Nehemiah, a non-profit housing organization, will be presenting a seminar on how to use the Nehemiah Program and its gift money to help renters become homeowners. This event will be held at Laurel library from 6:30pm-8:00pm. To enroll, call 1(800)523-1069 ext 325, or go to: http://www.thehomebuyingevent.com/."
When we researched the domain name given for the event we found that is actually belonged to this mortgage company:
Domain Name: THEHOMEBUYINGEVENT.COM
Administrative Contact , Technical Contact:
alliedmortgagecapital
mgr1738@alliedhomenet.com
5424 alta vista rd
bethesda, MD 20814
We alerted the local web site about our findings, but they declined to remove the ad. Yesterday when the Washington Post story broke, we again alerted them, and they agreed to remove it, however today we find that it is still posted.
On June 02, 2006, the Washington Post published a shocking news story about controversial charities that give down-payment money to home buyers so they can purchase houses they could not otherwise afford. Read that story here!
The controversy is over a recent IRS revenue ruling stating that if charities give out money to home buyers that is actually being provided by the home sellers in some form, they cannot maintain a tax-exempt, charity status, because they are in reality serving their own private interest. These entities have been identified as Builders and other groups benefiting from the sale of homes.
Here is the IRS quote listed in the Washington Post story: "The IRS called the programs "scams" in its ruling last month and said that by providing down payments, the charities actually inflated home prices, making it more likely that homeowners would default on their loans."
The so-called charities' actions have raised concerns in Government circles because many of these mortgages are insured by the Federal Housing Administration, and a study found these loans were more than twice as likely to end up in default (foreclosure).
By searching public records, Southern Maryland Housing Bubble News has identified Mid-Atlantic Housing Fund INC. as one of these exact types of charities that is operating in California, MD.
Our research to date tells us that Edward R. Curley JR. of 22501 Iverson Drive, Great Mills, MD is the Director and President of the charity.
22501 Iverson Drive may not mean much to you until we tell you that it is actually Mayjack INC. Does the local housing development known as Hickory Hills sound familiar?
Tom Weirich of 602 Wicomico Street, La Plata, MD is listed as CFO and Treasurer.
Holly M. Standen of 22562 Joan Drive, California, MD is listed as the Secretary.
2004 Tax Return
2003 Tax Return
2002 Tax Return
2001 Tax Return
2000 Tax Return
1999 Tax Return
Here is the text of the ad that first alerted us:
"Nehemiah, a non-profit housing organization, will be presenting a seminar on how to use the Nehemiah Program and its gift money to help renters become homeowners. This event will be held at Laurel library from 6:30pm-8:00pm. To enroll, call 1(800)523-1069 ext 325, or go to: http://www.thehomebuyingevent.com/."
When we researched the domain name given for the event we found that is actually belonged to this mortgage company:
Domain Name: THEHOMEBUYINGEVENT.COM
Administrative Contact , Technical Contact:
alliedmortgagecapital
mgr1738@alliedhomenet.com
5424 alta vista rd
bethesda, MD 20814
We alerted the local web site about our findings, but they declined to remove the ad. Yesterday when the Washington Post story broke, we again alerted them, and they agreed to remove it, however today we find that it is still posted.
On June 02, 2006, the Washington Post published a shocking news story about controversial charities that give down-payment money to home buyers so they can purchase houses they could not otherwise afford. Read that story here!
The controversy is over a recent IRS revenue ruling stating that if charities give out money to home buyers that is actually being provided by the home sellers in some form, they cannot maintain a tax-exempt, charity status, because they are in reality serving their own private interest. These entities have been identified as Builders and other groups benefiting from the sale of homes.
Here is the IRS quote listed in the Washington Post story: "The IRS called the programs "scams" in its ruling last month and said that by providing down payments, the charities actually inflated home prices, making it more likely that homeowners would default on their loans."
The so-called charities' actions have raised concerns in Government circles because many of these mortgages are insured by the Federal Housing Administration, and a study found these loans were more than twice as likely to end up in default (foreclosure).
By searching public records, Southern Maryland Housing Bubble News has identified Mid-Atlantic Housing Fund INC. as one of these exact types of charities that is operating in California, MD.
Our research to date tells us that Edward R. Curley JR. of 22501 Iverson Drive, Great Mills, MD is the Director and President of the charity.
22501 Iverson Drive may not mean much to you until we tell you that it is actually Mayjack INC. Does the local housing development known as Hickory Hills sound familiar?
Tom Weirich of 602 Wicomico Street, La Plata, MD is listed as CFO and Treasurer.
Holly M. Standen of 22562 Joan Drive, California, MD is listed as the Secretary.
2004 Tax Return
2003 Tax Return
2002 Tax Return
2001 Tax Return
2000 Tax Return
1999 Tax Return