A new idea to pay for the extension of the payroll tax cut is now being tossed around Washington. Members from both parties & both houses have been promoting a fee that will be charged to banks for the delivery of every mortgage loan that is sent to Fannie Mae & Freddie Mac.

While it is not a certainty, the fee's discussed would be equal to about 1% of the loan amount, which by my guess would cost the average borrower a 1/4% on their rate for the life of the loan. I ask you, how long do you think your tax cut extension will last?

I'm reminded of wise words from Ronald Reagan - The nine most terrifying words in the English language are: 'I'm from the government and I'm here to help.'"

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Greg Miller   
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574-268-9033


 
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1 Comments on New Mortgage Fee's to pay for Payroll Tax Cut Extension?

DEC
14
2011
335,082 Points 1 Featured Post

This clearly proves that the govenrment, in conjuction with banks has no intent to exit the mortgage business. regardless of how many billions it costs the taxpayers to prop the GSE's up.
9:15pm • #1


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Greg Miller/ Warsaw Indiana Home Loans - Conventional, FHA,USDA

Warsaw, IN

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