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Obama's hidden new tax on mortgages

104RFAST104RFAST Senior MemberPosts: 1,281 Senior Member
So if you think a two month reduction in FICA is a good idea, you better not have plans to buy a home. Associated Press reports that the new
Obama/Reed tax deal stalled in the House contains new provisions administered by Fanny & Freddy to tax new mortgages effective Jan,2012.
This new tax will cost mortgages of $200.000 an additional $17.00/month.What a deal, we get a SS tax brake for two months and a mortgage tax
that will go on forever!! What I want to know is why this Associated Press article that is at least 6 days old has not been in the "main stream news".
I can understand why Obama and the democraps aren't talking but Republicans are ether to stupid to know whats going on with the Bill or they
are part of the problem as well. It seems everything we see and hear today from the media and politicians of all stripes is a lie.
We are being intentionally divided and soon we will be no different than Bosnia, you know where went.IMHO There I feel better!!

Replies

  • JermanatorJermanator Senior Member Posts: 16,244 Senior Member
    Solution= Don't get a government backed mortgage. That is what started half of this crap anyway.
    Reason obeys itself; and ignorance submits to whatever is dictated to it.
    -Thomas Paine
  • Make_My_DayMake_My_Day Senior Member Posts: 7,911 Senior Member
    Jermanator wrote: »
    Solution= Don't get a government backed mortgage. That is what started half of this crap anyway.
    What's left...seller financing? That's not always an option.
    JOE MCCARTHY WAS RIGHT:
    THE DEMOCRATS ARE THE NEW COMMUNISTS!
  • JermanatorJermanator Senior Member Posts: 16,244 Senior Member
    Quite a few banks offer mortgages without Fannie/Freddie or FHA/VA government backing. Most conventional mortgages don't use it. Put 20% down and have decent credit and it shouldn't be an issue finding one.
    Reason obeys itself; and ignorance submits to whatever is dictated to it.
    -Thomas Paine
  • JayhawkerJayhawker Moderator Posts: 18,118 Senior Member
    Jermanator wrote: »
    Put 20% down and have decent credit and it shouldn't be an issue finding one.
    Exactly...if you're having trouble coming up with the 20% down...you've got no business buying a house in the first place...
    Sharps Model 1874 - "The rifle that made the west safe for Winchester"
  • 104RFAST104RFAST Senior Member Posts: 1,281 Senior Member
    I'm sure the will find a way to get to private mortgages through HUD. Do you really think they will let the rich (private mortgages are only for the rich) get away tax free.
    Don't think so
    Jayhawker wrote: »
    Exactly...if you're having trouble coming up with the 20% down...you've got no business buying a house in the first place...
  • JermanatorJermanator Senior Member Posts: 16,244 Senior Member
    What this will do is discourage government backed loans and encourage private mortgages. It sure beats the heck out of a millionaire tax. This is more like a voluntary chump tax for those that do not want to sacrifice and save. A 620 FICO and 3% down can still get you a government backed mortgage today. This tax will discourage that behavior. That is why Republicans are going along with it. You need at least a 680 and 20% for a non government backed conventional mortgage. You don't need to be rich, but you better plan on having some skin in the game.

    If more people had skin in the game, we wouldn't have had the real estate bubble nor the crash after it popped.
    Reason obeys itself; and ignorance submits to whatever is dictated to it.
    -Thomas Paine
  • tompo1015tompo1015 New Member Posts: 5 New Member
    Plent yof banks offer no Fannie?freddie mortgages. And, frankly, if someone can afford a $200,000 loan, the extra $17.00 a month is chicken feed.
  • TeachTeach Senior Member Posts: 18,428 Senior Member
    Here's a radical idea- - - - -buy a house you can afford and pay it off as soon as possible. My 100 acres and the house that's on it cost less than some idiots spend on a car every few years. And before you whine "Everybody can't do that", yes, you can- - - -you CHOOSE not to!
    Jerry
  • JeeperJeeper Senior Member Posts: 2,954 Senior Member
    Teach wrote: »
    Here's a radical idea- - - - -buy a house you can afford and pay it off as soon as possible. My 100 acres and the house that's on it cost less than some idiots speng on a car every few years. And before you whine "Everybody can't do that", yes, you can- - - -you CHOOSE not to!
    Jerry

    :agreed: Jerry is absolutely right.

    Luis
    Wielding the Hammer of Thor first requires you to lift and carry the Hammer of Thor. - Bigslug
  • tv_racin_fantv_racin_fan Senior Member Posts: 661 Senior Member
    I do believe the more insidious point heah is that the very poor or lower middle class folks that the democrats claim to be helping are the very people who will foot the bill on this heah payroll tax holiday. They seem to have gotten a 2 month payroll tax holiday extension for several years worth of increased govt backed mortgage fees. Kinda puts the myth of the democrats being for the people to sleep for those who actually pay any attention to what democrats in congress is actually up to.

    Oh and that there pipeline thing... seems that someone didn't want to consider that pipeline whilst the good folk in Nebraska had an issue so it got shelved until after the election. That was a mighty long time to shelve such a thing for such a small issue. And just for the record that issue was worked out and yet the democrats in congress still didn't want to consider that there pipeline.

    Heck far them democrats is still taking the credit for the nuclear power deal down heah in Jawja that the legislature of Jawja had done already voted to allow the power company to early charge the customers for in order to have construction funding.
  • JermanatorJermanator Senior Member Posts: 16,244 Senior Member
    It neither a rich nor poor thing. Rich people buy more house than they really have the cash to afford just as much as poor people do. Chumps are at all income levels. Freddie/Fannie have cost the taxpayers hundreds of billions of dollars, not to mention the trillions in lost equity. If Obama and Congress want to skim off 10 billion or so-- from the same system that cost us exponentially more-- in order to pay for a temporary 2% tax break, I won't lose sleep over it.
    Reason obeys itself; and ignorance submits to whatever is dictated to it.
    -Thomas Paine
  • snake284snake284 Senior Member Posts: 22,429 Senior Member
    104RFAST wrote: »
    So if you think a two month reduction in FICA is a good idea, you better not have plans to buy a home. Associated Press reports that the new
    Obama/Reed tax deal stalled in the House contains new provisions administered by Fanny & Freddy to tax new mortgages effective Jan,2012.
    This new tax will cost mortgages of $200.000 an additional $17.00/month.What a deal, we get a SS tax brake for two months and a mortgage tax
    that will go on forever!! What I want to know is why this Associated Press article that is at least 6 days old has not been in the "main stream news".
    I can understand why Obama and the democraps aren't talking but Republicans are ether to stupid to know whats going on with the Bill or they
    are part of the problem as well. It seems everything we see and hear today from the media and politicians of all stripes is a lie.
    We are being intentionally divided and soon we will be no different than Bosnia, you know where went.IMHO There I feel better!!

    The American people need to wake up and pull their heads out of their You know whats and realize Obama and his administration and any real liberal are all about Taxes. They love taxes to support enough social programs to keep people voting for them, because they really have nothing else to offer. They rely on their entitlement policies to keep them popular and sadly enough it works real good.
    Daddy, what's an enabler?
    Son that's somebody with nothing to do with his time but keep me in trouble with mom.
  • snake284snake284 Senior Member Posts: 22,429 Senior Member
    Jeeper wrote: »
    :agreed: Jerry is absolutely right.

    Luis

    Yep Jeeper, Jerry is right on. If you can't afford something it's insane to buy it. And what's more insane is for the government to expect the rest of us to pay for it.
    Daddy, what's an enabler?
    Son that's somebody with nothing to do with his time but keep me in trouble with mom.
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