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Payroll tax cut to cost homebuyers $5,000
Orange County Register ^ | December 17th, 2011 | Mary Ann Milbourn

Posted on 12/22/2011 12:38:06 PM PST by hiho hiho

Most homebuyers will pay an increased fee to finance their mortgage as part of a U.S. Senate compromise approved today to continue a 2 percentage point cut in payroll taxes and extend unemployment benefits until February.

In a last-minute compromise reached Friday night, the Senate agreed to extend the payroll tax cut and unemployment benefits but only for two months and to pay the estimated $30 billion to $40 billion cost by increasing the fees on new mortgages backed by Fannie Mae and Freddie Mac.

The increase is expected to cost a new homebuyer about $17 a month for a $200,000 mortgage and would tack on an estimated $5,000 to the cost over the life of the loan, according to the Associated Press.

(Excerpt) Read more at lansner.ocregister.com ...


TOPICS: Crime/Corruption; Government; News/Current Events
KEYWORDS: crooks; fanniemae; freddiemac; mortgagefees; spendingbill; xmasspendingbill

1 posted on 12/22/2011 12:38:12 PM PST by hiho hiho
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To: hiho hiho

And Mitchy says this is a good thing.


2 posted on 12/22/2011 12:41:36 PM PST by Terry Mross (I'll only vote for a second party)
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To: Terry Mross

Goodbye middle class.


3 posted on 12/22/2011 12:42:06 PM PST by Boardwalk
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To: hiho hiho

At least then taxpayers can recoup a little of their money until the borrower defaults.


4 posted on 12/22/2011 12:56:58 PM PST by Sooth2222 ("Suppose you were an idiot. And suppose you were a member of congress. But I repeat myself." M.Twain)
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To: hiho hiho

Which means, with a two month tax break, homeowners will PUT OFF buying that house until March... so no income to offset the decrease to social security.

Idiots.


5 posted on 12/22/2011 12:59:01 PM PST by SandyInSeattle (Smith & Wesson: The original point and click interface)
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To: hiho hiho

Gee, another great idea from Mr. Reid.

I’d like to see how he gets a guy sober.

Putz.


6 posted on 12/22/2011 1:00:51 PM PST by RexBeach
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To: hiho hiho

Why am I not surprised that the MSM isn’t reporting this?


7 posted on 12/22/2011 1:01:18 PM PST by New Jersey Realist (America: home of the free because of the brave)
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To: New Jersey Realist

This is just too difficult for Brian Williams to explain to us poor saps.


8 posted on 12/22/2011 1:05:24 PM PST by hiho hiho
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To: SandyInSeattle
Which means, with a two month tax break, homeowners will PUT OFF buying that house until March... so no income to offset the decrease to social security.

I think the Fannie/Freddie fee increase is permanent.

If this is how they "pay" for a two month tax decrease, will they permanently sextuple the new fees to cut the Social Security tax for the rest of the year.

9 posted on 12/22/2011 1:09:19 PM PST by KarlInOhio (Herman Cain: possibly the escapee most dangerous to the Democrats since Frederick Douglass.)
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To: hiho hiho

Why the F should homebuyers pay for this.


10 posted on 12/22/2011 1:12:26 PM PST by Williams (Honey Badger Don't Care)
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To: SandyInSeattle

The tax on Home buyers will be permanent.


11 posted on 12/22/2011 1:13:25 PM PST by massgopguy (I owe everything to George Bailey)
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To: massgopguy; KarlInOhio

Oh, that’s rich.

They put in a permanent fee to pay for a temporary tax reduction? And that helps the struggling housing market how...?


12 posted on 12/22/2011 1:22:28 PM PST by SandyInSeattle (Smith & Wesson: The original point and click interface)
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To: SandyInSeattle

My tag line says it all.


13 posted on 12/22/2011 2:21:46 PM PST by Mouton (Voting is an opiate of the electorate. Nothing changes no matter who wins..)
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To: hiho hiho

I’m desperately trying to close on a purchase by the end of the month. This just adds to the reasons. Words fail me in describing my unimpressedness with the “wisdom” of our elected stooges.


14 posted on 12/22/2011 2:23:13 PM PST by FateAmenableToChange
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To: Terry Mross
REPLACE ALL INCUMBENTS!
Doesn't matter with what.

The replacements can be replaced too, until we get it right.

15 posted on 12/22/2011 2:30:01 PM PST by Publius6961 (My world was lovely, until it was taken over by parasites.)
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To: KarlInOhio
It never has been about a tax cut for the working man. Actually it is not really a tax but is a contribution to one's annuity.

From the beginning, it has been about whether we become more of a socialist country.

Do each of us pay for our own retirement or do we force some of us to pay for everyone else;s retirement?

Social security was meant to be a form of insurance. First they robbed the trust fund so that there is no trust fund and the money paid does not grow as it would in a true investment trust, and now they rig it so that each worker no longer is maintaining his own “trust”.

This is not a two month deal and it is not a one year deal. This is the way it will be forever until the Marxists in our midst change it so that only the 10% at the top pay for everyone else.

16 posted on 12/22/2011 3:10:18 PM PST by old curmudgeon
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To: hiho hiho

Robbing Peter to bribe Paul.


17 posted on 12/22/2011 3:16:10 PM PST by mewzilla (Santelli 2012)
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To: mewzilla
Robbing Peter to bribe Paul.

Ain't that the truth! And another thing: In accounting/finance terms, it would be "paying for it" if the payment (however deranged) occurred in the same period as the expenses. That's the elementary principle of matching costs and income.

Here, if I understand what's been proposed, TWO MONTHS of Social Security payroll rebates are to be paid for by 20 or 30 YEARS of expense capitalized onto the wholly unrelated category of homeowner mortgages. Am I missing something?

18 posted on 12/22/2011 3:53:06 PM PST by Pearls Before Swine
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To: All

I can remember when it cost $thousands X-tra a car of taxpayers’ money, when Obama wanted to bribe Americans to purchase a car.


19 posted on 12/22/2011 9:39:06 PM PST by Sun (Pray that God sends us good leaders. Please say a prayer now.)
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