2 month payroll tax reduction=30 years of increased mortgage payments!

 

The temporary extension of the payroll tax (and extended unemployment benefits) is being funded with fees from new Fannie and Freddie mortgages. BUT…these fees are not 1 time fees…these fees are not just for 2 months…these fees are not for 10 years (as mistakenly understood by the media)…these fees are for THE LIFE OF THE LOAN! 30 years if one keeps the mortgage!.

How in the world does this make sense? Add costs to an integral part of the WEAKEST part of our economy…add costs to the segment of our economy that almost all agree will have to spearhead any real recovery! And, with all of the political grandstanding about “getting the govt. out of mortgages”,..they have now tied the financing of this bill to ongoing underwriting of mortgages by Fannie and Freddie.

And now that the politicians have dipped into the Fannie/Freddie new loan pocketbook, I shudder to think of what they’ll try to fund through new loan fees to home buyers going forward.

Voice your opinion of this tactic when you exercise your right to vote!

 

Thanks for letting me vent…Steve Jackson