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Re: Jersey City police officer is charged with bank fraud - falsely claimed first-time home-buyer
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now that he is a liar.....should we look at all the arrests this ass-wipe made in his career...... I bet this wasn't the first time he lied !

Posted on: 2010/3/14 9:01
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Re: Jersey City police officer is charged with bank fraud - falsely claimed first-time home-buyer
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The original first time home buyer credit was like a loan. It had to be paid back via your tax return over 16 years. The new one is a full on 8k tax credit. If you qualify, you get the whole amount. Unfortunately, the income qualification is set pretty low, 75k single, 150k married.


They increased the income limit. Please see the details below.

The credit is reduced or eliminated for higher-income taxpayers. The credit is phased out based on your modified adjusted gross income (MAGI). Different income limits apply to purchases on or before Nov. 6, 2009 and those after that date.

For purchases on or before Nov. 6, 2009, for a married couple filing a joint return, the phase-out range is $150,000 to $170,000. For other taxpayers, the phase-out range is $75,000 to $95,000. This means that the full credit is available for married couples filing a joint return whose MAGI is $150,000 or less and for other taxpayers whose MAGI is $75,000 or less.

For purchases after Nov. 6, 2009, for a married couple filing a joint return, the phase-out range is $225,000 to $245,000. For other taxpayers, the phase-out range is $125,000 to $145,000. This means that the full credit is available for married couples filing a joint return whose MAGI is $225,000 or less and for other taxpayers whose MAGI is $125,000 or less. (11/19/09)

Posted on: 2010/3/12 22:10
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Re: Jersey City police officer is charged with bank fraud - falsely claimed first-time home-buyer
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There's definitely more to this story. The first time home buyer credit is like a short term no interest loan via your taxes, I?m not really sure how it works but you have to eventually pay it back. At least according to this IRS website: http://www.irs.gov/newsroom/article/0,,id=204671,00.html?portlet=7 Moreover according to the website: Homebuyers who purchased a home in 2008, 2009 or 2010 may be able to take advantage of the first-time homebuyer credit. The credit: Applies only to homes used as a taxpayer's principal residence. Reduces a taxpayer's tax bill or increases his or her refund, dollar for dollar. Is fully refundable, meaning the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax owed. I think the issue here is that the home is not his primary residence. His residence is in Secaucus. ps. Gnome the reason why it is a good idea is becasue the real estate market is sufferring from the biggest collapse in a century and the federal government is trying to soften the blow by allowing the credit for average joes. You can't benefit from it if you're a property speculator/flipper.


The original first time home buyer credit was like a loan. It had to be paid back via your tax return over 16 years. The new one is a full on 8k tax credit. If you qualify, you get the whole amount. Unfortunately, the income qualification is set pretty low, 75k single, 150k married.

Posted on: 2010/3/12 19:29
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Re: Jersey City police officer is charged with bank fraud - falsely claimed first-time home-buyer
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It is a only a "bit" o load of crap. The concept is to keep people spending. Real estate is one of the largest industries with many other industries tied into it. So by keeping people buying they need to "fix up" their home. buy a car to put in that garage, hire someone to clean it, take care of the lawn, etc. I know that isnt as much the case out here, but that is the thought process. So unfortunately, it is falsely inflating the market trends. I think that it keeps consumer confidence high enough such that we dont have a cas e where a recovery wont cost as much.

Posted on: 2010/3/12 19:19
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Re: Jersey City police officer is charged with bank fraud - falsely claimed first-time home-buyer
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There's definitely more to this story.
The first time home buyer credit is like a short term no interest loan via your taxes, I?m not really sure how it works but you have to eventually pay it back. At least according to this IRS website:
http://www.irs.gov/newsroom/article/0,,id=204671,00.html?portlet=7
Moreover according to the website:
Homebuyers who purchased a home in 2008, 2009 or 2010 may be able to take advantage of the first-time homebuyer credit. The credit:

Applies only to homes used as a taxpayer's principal residence.
Reduces a taxpayer's tax bill or increases his or her refund, dollar for dollar.
Is fully refundable, meaning the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax owed.

I think the issue here is that the home is not his primary residence. His residence is in Secaucus.

ps. Gnome the reason why it is a good idea is becasue the real estate market is sufferring from the biggest collapse in a century and the federal government is trying to soften the blow by allowing the credit for average joes. You can't benefit from it if you're a property speculator/flipper.

Posted on: 2010/3/12 18:55
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Re: Jersey City police officer is charged with bank fraud - falsely claimed first-time home-buyer
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This "1st time homebuyer" credit is bullsh*t. YOu are giving money to people who lucked out and waited until the market crashed. They are already getting a fair price! What about those 2nd time home buyers? Those of us who purchased a home in 2007 and lost a sh*t ton of cash on the sale? and now want to purchase another home in another area?

Posted on: 2010/3/12 18:00
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Re: Jersey City police officer is charged with bank fraud - falsely claimed first-time home-buyer
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According to zillow that place 225 Palisade Ave was sold for $550K in 10/2008.
http://www.zillow.com/homedetails/225 ... y-NJ-07306/88859830_zpid/

If he got a loan for $530K then he put down $20k or less than 5% of the purchase price. Not a lot of wiggle room should RE prices head south. This seems like a case study in why the US real estate market is still in trouble.

I doubt that place would fetch $550K today...

Posted on: 2010/3/12 16:56
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Re: Jersey City police officer is charged with bank fraud - falsely claimed first-time home-buyer
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I went and looked up the tax records.

The address of the property is 225 Palisades Ave.

https://www.cityofjerseycity.com/WebTa ... mmary.aspx?Account=595585

Posted on: 2010/3/12 15:35
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Re: Jersey City police officer is charged with bank fraud - falsely claimed first-time home-buyer
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If they started rounding up everyone who lied on an FHA loan application about stuff like income, owner occupied status, or this 1st timer status (which actually only means not owning for something like 2 or 3 years), we'd have to start building concentration camps the size of cities to incarcerate them.

Clearly there's more to this story. I'll bet the gambling problem led to someone scrutinizing his finances.

Posted on: 2010/3/11 4:32
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Re: Jersey City police officer is charged with bank fraud - falsely claimed first-time home-buyer
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"None of these allegations have anything to do with his job,"

HAHAHAHahahahaha!!!!


Posted on: 2010/3/11 0:47
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Jersey City police officer is charged with bank fraud - falsely claimed first-time home-buyer
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Jersey City police officer is charged with bank fraud

By Joe Ryan/The Star-Ledger
March 10, 2010, 10:29AM

NEWARK -- A Jersey City police officer was arrested today by the FBI and charged in federal court with bank fraud for allegedly lying to secure a roughly $530,000 loan, authorities said.

Brian Ragauckas, 36, of Secaucus, falsely claimed he was a first-time home-buyer in 2008 when he applied for a loan from Countrywide Bank to buy a three-family home in Jersey City, authorities said. When asked about his house in Secaucus, Ragauckas said he was renter, not an owner, authorities said.

But Authorities said the 11-year police veteran bought the Secaucus property in 2000 and was paying the $513,700 mortgage, authorities said. The officer defaulted on the Secaucus home last year, authorities said.

When interviewed by the FBI, Ragauckas admitted lying about the mortgage because he feared otherwise the bank would deny him a loan for the Jersey City property, authorities said.

Ragauckas appeared for a brief hearing in federal court in Newark, where U.S. District Magistrate Judge Mark Falk released him on $200,000 bail and ordered him to refrain from gambling. When asked why, Ragauckas' lawyer, James Patuto, did not elaborate.

"None of these allegations have anything to do with his job," Patuto said.

A Jersey City police spokesman did not return calls seeking comment.

The bank fraud charge carries a maximum penalty of 30 years in prison and a $1,000,000 fine, said Assistant U.S. Attorney Leslie Faye Schwartz.

Posted on: 2010/3/10 23:04
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