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Thread: "Hidden" mortgage fee paying for payroll tax cut

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    "Hidden" mortgage fee paying for payroll tax cut

    February 6, 2012 8:06 AM

    "Hidden" mortgage fee paying for payroll tax cut

    By Sharyl Attkisson

    (CBS News) Just before Christmas, American workers got a rare gift from Washington politicians - the current payroll tax cut would be extended for two more months.

    At the time, both President Barack Obama and House Speaker John Boehner lauded the move to avoid a tax increase for millions of working Americans.

    But there's something the politicians weren't bragging about - the fact that they're paying for the two-month tax cut with what has turned into a brand new fee on home buyers.

    The new fee is a minimum of one-tenth of 1 percent on Fannie Mae- and Freddie Mac-backed loans, and is likely to go much higher.

    It will be imposed for the next 10 years on most mortgages and refinancings and it lasts for the life of the loan.

    For every $200,000, it amounts to an extra $15 dollars a month.

    It's bad news for Patty Anderson, who's buying a home in Virginia.

    Anderson will save a couple hundred dollars from having her payroll tax cut extended but her mortgage broker told her the new fee would cost her almost $9,500.

    "I was absolutely startled that it would add up to that much," she said.

    The $35.7 billion collected in fees won't go into the Social Security fund to replace the lost payroll tax. It goes to the general treasury where Congress can spend it however they please.

    "Hidden" mortgage fee paying for payroll tax cut - CBS News
    SURPRISE! Barry show up with his hand in your wallet AGAIN! That's the one thing you can absolutely count on even in this volatile economic climate. If the Democrats promise to cut your taxes, you can bet you entire backside they will stuff it up your jumbo someplace else. This is just another good example of their two faced chicanery.

    If you want the economy to really recover, if you want a good well paying job, if you want gas prices back down to where they should be....toss the 13 Democrats in the Senate up in 2012 out on their collective asses!
    "Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passions, they cannot alter the state of facts and evidence." - John Adams

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    Re: "Hidden" mortgage fee paying for payroll tax cut

    Great idea! Especially when houses are selling like Girl Scout cookies right now!

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    Re: "Hidden" mortgage fee paying for payroll tax cut

    Quote Originally Posted by Fishstyx View Post
    Great idea! Especially when houses are selling like Girl Scout cookies right now!
    Are you being sarcastic or serious?
    "Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passions, they cannot alter the state of facts and evidence." - John Adams

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    Re: "Hidden" mortgage fee paying for payroll tax cut

    Nice, rob from Social Security and place it's replacement into more pork.

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    Re: "Hidden" mortgage fee paying for payroll tax cut

    Quote Originally Posted by Prof. Peabody View Post
    Are you being sarcastic or serious?
    Do you really have to ask that!?!? Thought the "Girl Scout Cookies" bit made it obvious!

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    Re: "Hidden" mortgage fee paying for payroll tax cut

    Quote Originally Posted by Fishstyx View Post
    Do you really have to ask that!?!? Thought the "Girl Scout Cookies" bit made it obvious!
    I don't know folks on this forum and I prefer to ask before I attack.
    "Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passions, they cannot alter the state of facts and evidence." - John Adams

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    Re: "Hidden" mortgage fee paying for payroll tax cut

    Quote Originally Posted by Prof. Peabody View Post
    I don't know folks on this forum and I prefer to ask before I attack.
    Understood and all good. I know exactly what you mean too.

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    Re: "Hidden" mortgage fee paying for payroll tax cut

    Quote Originally Posted by Fishstyx View Post
    Understood and all good. I know exactly what you mean too.
    As I read further, your one of the good guys fish!
    "Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passions, they cannot alter the state of facts and evidence." - John Adams

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    Re: "Hidden" mortgage fee paying for payroll tax cut

    Also think this proposal is a great way to kick start the housing market too! Nothing smarter than making an already expensive process......more expensive!

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    Re: "Hidden" mortgage fee paying for payroll tax cut

    As the saying goes, "their is no such thing as a free ride".
    While I may not agree with the fee on loans for houses, at least Congress came up with a way to offset the reduction in funds going into SS.
    Revenue had to be raised or other items would have to be cut. It is shame Congress is doing such a poor job in developing and implementing a sound federal budget.
    "I can explain it to you but, I can't understand it for you"

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