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

  1. #1
    Senior Member Array title="smokin3000gt has a reputation beyond repute"> smokin3000gt's Avatar

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    "Hidden" mortgage fee paying for payroll tax cut

    http://www.cbsnews.com/8301-505263_1...yroll-tax-cut/

    (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.
    Bill Burnett, Anderson's broker and president of the Virginia Association of Mortgage Brokers, said you won't see Congress' new charge in the paperwork, but it's there.
    "It's actually built into this [interest] rate. You would never see the fee as a cost to you," he said.

    Read the rest at :http://www.cbsnews.com/8301-505263_162-57371781/home-buyers-left-holding-bag-for-payroll-tax-cut/
    A TWO month payroll tax 'cut' is paid back with a fee that last the entire life of a THIRTY YEAR loan?! That makes about as much sense as 10 years worth of tax increases to pay for 5 years of obamacare! What the hell is going on in DC?? Those guys can't get shit right up there. Something is seriously wrong when $100 cost $10,000.
    Quote Originally Posted by 86WARD View Post
    Tomlin is that good.



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

    DC is full of morons. The Democrats are morons for implementing this idiotic policy. The Republicans are morons for letting the Democrats get away with it, especially when the GOP wanted to make the tax cut a full year and offset it with spending cuts.

    I knew about this...I went to the White House page where you can tell your story about how important that $40 is to you. I said I needed it in order to save up for the mortgage fee and individual mandate.

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    Senior Member Array title="smokin3000gt has a reputation beyond repute"> smokin3000gt's Avatar

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

    Quote Originally Posted by Godfather View Post
    DC is full of morons. The Democrats are morons for implementing this idiotic policy. The Republicans are morons for letting the Democrats get away with it, especially when the GOP wanted to make the tax cut a full year and offset it with spending cuts.

    I knew about this...I went to the White House page where you can tell your story about how important that $40 is to you. I said I needed it in order to save up for the mortgage fee and individual mandate.
    I love it.
    Quote Originally Posted by 86WARD View Post
    Tomlin is that good.



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