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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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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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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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smn1256 Offline
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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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I'mMoreAwesomeThanYou Offline
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Post: #11
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.

No one thinks Boehner is a saint but Obama has been the one touting the holiday as being for the American middle class. Frankly Boehner is kind of a dbag. This should have never happened.

Boehner did say that he would rather have paid for the extension through budget cuts...but he didn't...ergo...dbag.
02-06-2012 03:17 PM
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Post: #12
RE: Obama's 2 month tax break extension...
(02-06-2012 03:16 PM)Redwingtom Wrote:  
(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!
Doesn't everybody buy a $1 million house?
02-07-2012 02:13 AM
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Post: #13
RE: Obama's 2 month tax break extension...
(02-07-2012 02:13 AM)RobertN Wrote:  
(02-06-2012 03:16 PM)Redwingtom Wrote:  
(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!
Doesn't everybody buy a $1 million house?

Actually that amount would be for about a 500k house. For the average home that costs 200k the amount paid back would be $5400. Anyway...what part of that sounds fair to you?
02-07-2012 08:52 AM
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Post: #14
RE: Obama's 2 month tax break extension...
(02-07-2012 08:52 AM)ImMoreAwesomeThanYou Wrote:  
(02-07-2012 02:13 AM)RobertN Wrote:  
(02-06-2012 03:16 PM)Redwingtom Wrote:  
(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!
Doesn't everybody buy a $1 million house?

Actually that amount would be for about a 500k house. For the average home that costs 200k the amount paid back would be $5400. Anyway...what part of that sounds fair to you?

It raises a lot of questions on the details.

Since most loan terms are longer than 10 years, does the 10 years mean purchased by the GSE’s the next 10 years and the fee is for the life of the loan, or does the loan reset in 10 years to reduce the interest rate by the 10 basis points?

For a 100K loan extra payment is $915 over 10 years, $1,865 if 30 years. The 10 basis points are multiplied each month by the reduced principal balance as the loan amortizes.

It only applies to loans sold to a GSE. It does not apply to loans not sold to a GSE. I would think we will see a lot more of this in the future. The white paper prepared last year on the future of the GSE’s recommended slowing raising the fees the GSE’s charge to make them less competitive with private entities.
02-07-2012 05:29 PM
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RobertN Offline
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RE: Obama's 2 month tax break extension...
(02-07-2012 08:52 AM)ImMoreAwesomeThanYou Wrote:  
(02-07-2012 02:13 AM)RobertN Wrote:  
(02-06-2012 03:16 PM)Redwingtom Wrote:  
(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!
Doesn't everybody buy a $1 million house?

Actually that amount would be for about a 500k house. For the average home that costs 200k the amount paid back would be $5400. Anyway...what part of that sounds fair to you?
Sounds fair to me since I don't own a house and don't plan on ever owning a house. 05-stirthepot :)
02-08-2012 02:12 AM
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Redwingtom Offline
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RE: Obama's 2 month tax break extension...
(02-07-2012 08:52 AM)ImMoreAwesomeThanYou Wrote:  
(02-07-2012 02:13 AM)RobertN Wrote:  
(02-06-2012 03:16 PM)Redwingtom Wrote:  
(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!
Doesn't everybody buy a $1 million house?

Actually that amount would be for about a 500k house. For the average home that costs 200k the amount paid back would be $5400. Anyway...what part of that sounds fair to you?

You failed math again, son. It's $15 a month on a 210,000 loan. There is no way for you to extrapolate that to $5,400 for the 10 years. Sorry. The math is spelled out right above.
(This post was last modified: 02-08-2012 10:21 AM by Redwingtom.)
02-08-2012 10:19 AM
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I'mMoreAwesomeThanYou Offline
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Post: #17
RE: Obama's 2 month tax break extension...
(02-08-2012 10:19 AM)Redwingtom Wrote:  
(02-07-2012 08:52 AM)ImMoreAwesomeThanYou Wrote:  
(02-07-2012 02:13 AM)RobertN Wrote:  
(02-06-2012 03:16 PM)Redwingtom Wrote:  
(02-06-2012 02:31 PM)ImMoreAwesomeThanYou Wrote:  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!
Doesn't everybody buy a $1 million house?

Actually that amount would be for about a 500k house. For the average home that costs 200k the amount paid back would be $5400. Anyway...what part of that sounds fair to you?

You failed math again, son. It's $15 a month on a 210,000 loan. There is no way for you to extrapolate that to $5,400 for the 10 years. Sorry. The math is spelled out right above.

I was taking it out to 30 years as that is the term for most mortgages...son.
02-08-2012 10:21 AM
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Redwingtom Offline
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Post: #18
RE: Obama's 2 month tax break extension...
(02-08-2012 10:21 AM)ImMoreAwesomeThanYou Wrote:  
(02-08-2012 10:19 AM)Redwingtom Wrote:  
(02-07-2012 08:52 AM)ImMoreAwesomeThanYou Wrote:  
(02-07-2012 02:13 AM)RobertN Wrote:  
(02-06-2012 03:16 PM)Redwingtom Wrote:  Thanks. It helps when you realize the $9500 figure you're quoting is likely on a home purchase of over 1 million dollars!
Doesn't everybody buy a $1 million house?

Actually that amount would be for about a 500k house. For the average home that costs 200k the amount paid back would be $5400. Anyway...what part of that sounds fair to you?

You failed math again, son. It's $15 a month on a 210,000 loan. There is no way for you to extrapolate that to $5,400 for the 10 years. Sorry. The math is spelled out right above.

I was taking it out to 30 years as that is the term for most mortgages...son.

BUT THE FEE ONLY APPLIES FOR 10 YEARS...NOT 30!!!!!!!!!!! Lord, why did I take you off ignore. It's like talking to a 5 year old.
02-08-2012 10:22 AM
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I'mMoreAwesomeThanYou Offline
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Post: #19
RE: Obama's 2 month tax break extension...
(02-08-2012 10:22 AM)Redwingtom Wrote:  
(02-08-2012 10:21 AM)ImMoreAwesomeThanYou Wrote:  
(02-08-2012 10:19 AM)Redwingtom Wrote:  
(02-07-2012 08:52 AM)ImMoreAwesomeThanYou Wrote:  
(02-07-2012 02:13 AM)RobertN Wrote:  Doesn't everybody buy a $1 million house?

Actually that amount would be for about a 500k house. For the average home that costs 200k the amount paid back would be $5400. Anyway...what part of that sounds fair to you?

You failed math again, son. It's $15 a month on a 210,000 loan. There is no way for you to extrapolate that to $5,400 for the 10 years. Sorry. The math is spelled out right above.

I was taking it out to 30 years as that is the term for most mortgages...son.

BUT THE FEE ONLY APPLIES FOR 10 YEARS...NOT 30!!!!!!!!!!! Lord, why did I take you off ignore. It's like talking to a 5 year old.

Oh...03-lmfao My bad.
02-08-2012 10:24 AM
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I'mMoreAwesomeThanYou Offline
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Post: #20
RE: Obama's 2 month tax break extension...
Why are you so crotchety? Calm yourself before you have a heart attack. I post at work..while working. I don't always have time to read every article and post these long drawn out posts like OWL does. If you see a mistake then tell me about it. I have no problem admitting when I'm wrong. Like if you're right..I am now.
02-08-2012 10:26 AM
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