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Uncle Sam Givith and Takith Away!
Uncle Sam Givith and Takith Away!

I have know a number of attorneys over the course of my Real Estate career, and some of them know, and tell the best lawyer jokes. Example:
Do you know how cold it was yesterday?
It was so cold I saw my lawyer walking down the street and he had his hands in his own pockets!

Now try substituting Senator for lawyer and you will be most timely, because last week the U.S. Senate extended the payroll tax cut, reducing what they withhold from folks paychecks. This is a temporary measure to stimulate spending, etc. As part of this extension they included an increase in Mortgage Insurance Premiums (MIP) on Fannie Mae, Freddie Mac and FHA loans, for new purchases and refinances, beginning January 1, 2012. This change will likely be permanent, and represents about a 33% increase in the monthly MIP on 90% of all loans written. 

The bill extends for 2 months the payroll tax cut and long term unemployment, as well as Medicare reimbursements for doctors. The House of Representatives is supposed to vote on the bill this week. The increase in MIP is meant to offset the $33 ... more

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