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Are all mortgage contracts dischargeable by filing letters and forms to the IRS and the U.S. Treasury, as a social media post claims? No, that's not true: An IRS spokesman told Lead Stories that "there is no U.S. IRS form that negates a legitimate contract." Mortgage lending is subject to laws and regulations. Mortgages are contracts enforceable in court. The…

Did Transportation Secretary Pete Buttigieg make remarks about how racism went into design choices after the Francis Scott Key bridge collapsed in Baltimore on March 26, 2024? No, that's not true: The video clip in a social media post dates back to a November 9, 2021, White House daily briefing. Buttigieg's 2021 remarks were a response to a direct question…

Was the purpose of Prohibition to stop people from fueling their cars and homes with alcohol? No, that's not true: Professors in history and sociology told Lead Stories that there's no truth to the claim. Prohibition in the United States, which ran from 1920 to 1933, was not about preventing people from using alcohol as fuel for cars or homes;…

Does an entity named the Depository Trust and Clearing Company own "all stocks" in the stock market? No, that's not true: It owns a subsidiary, the Depository Trust Company, whose function is to be a depository for securities. This subsidiary records other people's and companies' ownership. Neither the DTCC nor the DTC eliminates ownership rights of legitimate shareholders. The claim…

Does a viral video show proof that the U.S. national debt was paid off in 2017? No, that's not true: The U.S. Treasury website shows the current U.S. national debt, which is about $33.7 trillion, a number accepted by U.S. financial markets, independent economists and the Federal Reserve Bank. The video relies on paperwork that has nothing to do with…

Does a section of the U.S. Code, cited in a video on social media, exempt American workers from paying taxes? No, that's not true: No section of the U.S. Code universally exempts American workers from paying taxes. The section of the U.S. Code highlighted in the video pertains to the taxation of federal reserve banks, not individuals. The claim appeared…

Did the World Economic Forum introduce a "mark of the beast" CBDC microchip to "end gun ownership" in the United States? No, that's not true: The United States hasn't announced the implementation of a central bank digital currency (CBDC) as of this writing, and the hypothetical abolishment of the Second Amendment that allows gun ownership would involve a different process…

Did the World Economic Forum (WEF) say that a central bank digital currency (CBDC) microchip must be "implanted under your skin" to participate in society? No, that's not true: Richard Werner, a German economist and professor who is not employed by the WEF, talked about the possible future use of microchip implants to regulate the availability of CBDC funds and…

Is the federal government launching a new program that will allow officials to control individuals' bank accounts, and have officials of Visa and Mastercard warned about such a program? No, that's not true: The Federal Reserve is simply launching a real-time payment (RTP) system that does not aim to intrude on bank customers' accounts, according to a spokesperson. The claim…

If a bank "switches currency," will that void a mortgage contract? No, that's not true: A mortgage document is a legally binding contract and within it there is a promissory note that requires the borrowed amount be paid and the loan agency to accept that amount, a mortgage expert told Lead Stories. The claim appeared in a video published on…