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"Hidden" mortgage fee paying for payroll tax cut

Prof. Peabody

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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!
 
Great idea! Especially when houses are selling like Girl Scout cookies right now!
 
Nice, rob from Social Security and place it's replacement into more pork.
 
Do you really have to ask that!?!? Thought the "Girl Scout Cookies" bit made it obvious! :mrgreen:

I don't know folks on this forum and I prefer to ask before I attack.
 
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! :lol:
 
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.
 
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.

Yeah, great job Congress. Take money out of SS and replace it with a $15 to $20 per month fee on loans in the already depressed housing market. An even bigger hoot is that the money to "replace" the money taken from SS goes into the general fund rather than into the SS fund where they can spend it on more pork.

No wonder SS is going broke and contributing billions to the deficit.
 
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.

Um what federal budget? :)


Tim-
 
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!

Doesn't anyone do the numbers? The tax is 1/10 of 1% of purchase price. That's $200 on a $200,000 home. Hardly the $9,500 the mortgage broker told his client. I'm also quite sure that tax isn't being deposited in the SS fund either. Stupid article. Spinning out of control.

And no wonder we're in so much trouble. Even the intelligensia on DP can't multiply.
 
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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.

So cut other items then. Wouldn't we all rather know what we're missing out on than keep getting conned by these assholes? If you're going to put a dollar in my pocket and sneak $2 from my other one, just tell me you're taking a dollar from me in the goddamn first place.

This practice is pure deception.


And where the **** are all the Obama defenders?
 
Doesn't anyone do the numbers? The tax is 1/10 of 1% of purchase price. That's $200 on a $200,000 home. Hardly the $9,500 the mortgage broker told his client. I'm also quite sure that tax isn't being deposited in the SS fund either. Stupid article. Spinning out of control.

And no wonder we're in so much trouble. Even the intelligensia on DP can't multiply.

If the articles I've read are wrong I would like to see the correct information. I've read it was 1/10 of 1% monthly. Not a one time tax on the purchase price.
 
Um what federal budget? :)


Tim-

You know, continue resolution, etc. There has to be some sort of spending bill signed by the President. But your right, a "budget" has not been passed by the house and senate for quite some time.
 
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