Advertisement
Home About Us Contact Us Magazine Subscribe
Welcome to TheMReport.com—News and strategies for the evolving mortgage marketplace. Thu May 17, 2012
Origination Analytics Servicing Secondary Market Technology Processing Administration
Investors Lenders & Servicers Service Providers Attorneys & Title Companies Agents & Brokers

NAHB Criticizes Mortgage-Fee Raise in Payroll Tax

At least one key trade group opposes plans by some lawmakers to introduce a raise for mortgage fees in a payroll tax extension.

The National Association of Home Builders (NAHB) released a statement Monday in opposition to the mortgage-fee raise.

“Congress is essentially proposing to raise taxes on millions of potential home buyers in order to pay for a payroll tax cut and other non-housing legislative initiatives,” NAHB chairman Bob Nielsen said in a statement.

Lawmakers are busy cobbling together a payroll tax plan this

week that would extend current rates for employees and their employers.

Bloomberg News reports that Democrats continue to line up against Republican efforts to pass the payroll tax extension with other elements, including changes to unemployment compensation and the removal of impediments to a Canadian oil pipeline.

Nielsen highlighted the role that guarantee fees for Fannie Mae and Freddie Mac may play in protections against credit-related losses, suggesting that these could harm the “safety and soundness” of housing finance in the United States.

“With the housing market struggling to regain its footing, such a short-sighted move would be extremely counterproductive and threaten the fragile economic recovery,” he added.

“Just as we are beginning to see modest signs of improvement in scattered housing markets across the nation where employment is gaining and consumer confidence is rising, Congress is tampering with g-fees and needlessly raising the cost of buying a home,” Nielsen said. “This will jeopardize the tenuous rebound and is the last thing this economy needs.”


Friend's Name


Friend's Email*


Your Name


Your Email*


Security Code


Enter security code*

Message




Advertisement

Sign up for daily e-mail updates.



Looking for more out of MReport? You can always pass on your knowledge, news tips, and story ideas to be considered for TheMreport.com or the MReport magazine.

Simply e-mail MReportEditor@TheMReport.com.

We appreciate your time and contribution. Whether you choose to tell us a little about yourself or prefer anonymity, we want to hear from our readers!


Advertisement
About Us

TheMReport.com keeps you informed through daily Web casts, community forums and a wide range of industry resources. With one click to TheMReport.com, the Mortgage Origination industry is at your fingertips!

Home About Us Contact Us Magazine Subscribe