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Obama's 2 month tax break extension...
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I'mMoreAwesomeThanYou Offline
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Post: #1
Obama's 2 month tax break extension...
Paid for by each homeowner whose home is backed by Fannie/Freedie by adding $9500 to the total cost of the mortgage.

So the two month tax holiday which would benefit the average American around $30 is costing middle class homeowners $9500.

What a deal...
(This post was last modified: 02-06-2012 02:14 PM by I'mMoreAwesomeThanYou.)
02-06-2012 02:09 PM
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Owl 69/70/75 Online
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Post: #2
RE: Obama's 2 month tax break extension...
But it's a good deal. Seriously. Obama just needs to work on his messaging, and then you'll understand.
02-06-2012 02:13 PM
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RaiderATO Offline
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Post: #3
RE: Obama's 2 month tax break extension...
That's a pretty crappy interest rate on a $30 loan.
02-06-2012 02:21 PM
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Redwingtom Offline
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Post: #4
RE: Obama's 2 month tax break extension...
Since you didn't source anything, I'll call BS based on this:

The $33 billion cost was to be financed by a .10 percentage point hike in home loan guarantee fees charged by mortgage giants Fannie Mae and Freddie Mac, which the administration says would raise the monthly payment on a typical $210,000 loan by about $15 a month.

http://www.independentsentinel.com/2011/...increases/

The fee increase goes for 10 years. So $15 x 12 x 10 = $1,800 on a $210,000 loan. And that seems like a pretty high loan to me.

But I would say your blame here lies squarely on Boehner for crappy legislation, not so much on Obama.
(This post was last modified: 02-06-2012 02:29 PM by Redwingtom.)
02-06-2012 02:28 PM
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I'mMoreAwesomeThanYou Offline
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Post: #5
RE: Obama's 2 month tax break extension...
(02-06-2012 02:28 PM)Redwingtom Wrote:  Since you didn't source anything, I'll call BS based on this:

The $33 billion cost was to be financed by a .10 percentage point hike in home loan guarantee fees charged by mortgage giants Fannie Mae and Freddie Mac, which the administration says would raise the monthly payment on a typical $210,000 loan by about $15 a month.

http://www.independentsentinel.com/2011/...increases/

The fee increase goes for 10 years. So $15 x 12 x 10 = $1,800 on a $210,000 loan. And that seems like a pretty high loan to me.

But I would say your blame here lies squarely on Boehner for crappy legislation, not so much on Obama.

linky...


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02-06-2012 02:31 PM
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I'mMoreAwesomeThanYou Offline
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Post: #6
RE: Obama's 2 month tax break extension...
(02-06-2012 02:28 PM)Redwingtom Wrote:  Since you didn't source anything, I'll call BS based on this:

The $33 billion cost was to be financed by a .10 percentage point hike in home loan guarantee fees charged by mortgage giants Fannie Mae and Freddie Mac, which the administration says would raise the monthly payment on a typical $210,000 loan by about $15 a month.

http://www.independentsentinel.com/2011/...increases/

The fee increase goes for 10 years. So $15 x 12 x 10 = $1,800 on a $210,000 loan. And that seems like a pretty high loan to me.

But I would say your blame here lies squarely on Boehner for crappy legislation, not so much on Obama.

Oh, and it came from the DEMOCRATIC controlled Senate...not the House.
02-06-2012 02:40 PM
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Bull_In_Exile Offline
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Post: #7
RE: Obama's 2 month tax break extension...
RWT Wrote:
(02-06-2012 02:40 PM)ImMoreAwesomeThanYou Wrote:  But I would say your blame here lies squarely on Boehner for crappy legislation, not so much on Obama.

Oh, and it came from the DEMOCRATIC controlled Senate...not the House.

Shhh... facts, RWT does not like them
(This post was last modified: 02-06-2012 03:00 PM by Bull_In_Exile.)
02-06-2012 02:58 PM
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Redwingtom Offline
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Post: #8
RE: Obama's 2 month tax break extension...
I was referring to this part of the article I posted. He had a chance to correct the issues.

Meanwhile, Boehner’s procedural tactics are just as suspect:

House speaker agreed to pass the two-month extension on Friday morning by unanimous consent, a fast-track procedural maneuver that guarantees passage unless lawmakers book plane tickets and fly back to Washington in time to object.

“Given the late hour of notification, there’s no way I can make it,” said Rep. Tim Huelskamp (R., Kansas). “I’m disappointed. That’s not the process by which I thought we would consider things like this,” he said, adding “this is the kind of stuff that people hate about Washington.”

In other words, Republicans have “caved” by agreeing to increase mortgage fees for 10 years in order to fund a mere two months worth of tiny tax cuts. Instead of taxes being raised January 1, they go up March 1 instead, while the higher mortgage fees endure for a decade.
(This post was last modified: 02-06-2012 03:12 PM by Redwingtom.)
02-06-2012 03:12 PM
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Redwingtom Offline
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Post: #9
RE: Obama's 2 month tax break extension...
(02-06-2012 02:31 PM)ImMoreAwesomeThanYou Wrote:  
(02-06-2012 02:28 PM)Redwingtom Wrote:  Since you didn't source anything, I'll call BS based on this:

The $33 billion cost was to be financed by a .10 percentage point hike in home loan guarantee fees charged by mortgage giants Fannie Mae and Freddie Mac, which the administration says would raise the monthly payment on a typical $210,000 loan by about $15 a month.

http://www.independentsentinel.com/2011/...increases/

The fee increase goes for 10 years. So $15 x 12 x 10 = $1,800 on a $210,000 loan. And that seems like a pretty high loan to me.

But I would say your blame here lies squarely on Boehner for crappy legislation, not so much on Obama.

linky...


Linky

Thanks. It helps when you realize the $9500 figure you're quoting is likely on a home purchase of over 1 million dollars!
02-06-2012 03:16 PM
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Post: #10
RE: Obama's 2 month tax break extension...
(02-06-2012 03:12 PM)Redwingtom Wrote:  I was referring to this part of the article I posted. He had a chance to correct the issues.

Meanwhile, Boehner’s procedural tactics are just as suspect:

House speaker agreed to pass the two-month extension on Friday morning by unanimous consent, a fast-track procedural maneuver that guarantees passage unless lawmakers book plane tickets and fly back to Washington in time to object.

“Given the late hour of notification, there’s no way I can make it,” said Rep. Tim Huelskamp (R., Kansas). “I’m disappointed. That’s not the process by which I thought we would consider things like this,” he said, adding “this is the kind of stuff that people hate about Washington.”

In other words, Republicans have “caved” by agreeing to increase mortgage fees for 10 years in order to fund a mere two months worth of tiny tax cuts. Instead of taxes being raised January 1, they go up March 1 instead, while the higher mortgage fees endure for a decade.

I'm not worried because Obama promised me I'd get to see this **** on CSPAN and the bills would be posted on line before he signs them. After all, his is the most transparent administration in history.
02-06-2012 03:16 PM
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