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24 Oct 12 Bank of America Being Sued by the Federal Government for a Billion Dollars

The WSJ run website, “Market Watch”, published some breaking news in regards to a lawsuit filed by the U.S government in an effort to sure Bank of America Home Loans over bad mortgages that were originated a few years ago. The United States government filed a civil lawsuit against Bank of America Corp., alleging the U.S. bank strapped American tax-payers with losses by misrepresenting the quality of mortgage liens it sold to government sponsored entities like Fannie Mae and Freddie Mac.

According to Market Watch, the government alleges Countrywide Home Loans., a company that B of A acquired in 2008, dismembered checks on loan quality in 2007 through 2009, adopting a process called “the Hustle” that aimed to boost the speed at which it originated and sold loans to the companies. The mortgage unit falsely continued to claim the loans qualified for insurance from Fannie Mae. Preet Bharara, the U.S. attorney for the Southern District of New York, called Countrywide’s alleged behavior “spectacularly brazen in scope.” The bank approved high risk  liens, like the “no-income mortgage” and stuck taxpayers with the bill,” he said in a statement. “Countrywide and Bank of America systematically removed every check in favor of its own balance — they cast aside underwriters, eliminated quality controls, extended incentives to unqualified personnel to cut corners, and concealed the resulting defects.” The high risk mortgage programs had a high default rate that ultimately led to the foreclosure crisis.

Fannie and Freddie, while backed by taxpayers since the 2008 bailout, are not part of the government. Previous suits have been brought on behalf of government agencies such as Medicare and the FHA. Fannie and Freddie were publicly traded entities before their market funding evaporated in the early stages of the financial crisis, forcing their effective nationalization. Taxpayers have since poured $142 billion into the companies, which along with other government agencies financed nine out of 10 home loans written last year. Fannie and Freddie don’t make loans but guarantee regular principal and interest payments to mortgage-bond investors.

Other actions to speed up loan processing included eliminating underwriter review of high risk loans, eliminating mandatory checklists on underwriting instructions, getting rid of compliance specialists inside the company and revamping the compensation structure based solely on loan volume, according to the complaint.

Instead of underwriter reviews, the company gave those tasks to loan processors “who were previously considered unqualified even to answer questions,” the complaint stated. The complaint also alleges Countrywide instituted the Hustle program while it was assuring Fannie and Freddie that they had tightened requirements and underwriting guidelines. Some $1 billion in loans defaulted as a result of the program, according to the complaint.

Fannie Mae stopped buying or guaranteeing new loans delivered by Bank of America this past February amid an impasse over billions in defaulted mortgages that Fannie said Bank of America was obligated to repurchase. Negotiations over resolving the dispute are ongoing, according to both parties.

Bank of America briefly became Fannie’s top client following its acquisition of Countrywide. It accounted for 20% of all loans Fannie bought or backed in 2009, but that share had fallen below 10% by the third quarter of 2011, and below 3% in the fourth quarter, according to Inside Mortgage Finance.

The suit follows in a long line of legal headaches for Bank of America. Last month, the bank agreed to pay $2.43 billion to settle claims it misled investors about the acquisition of brokerage firm Merrill Lynch & Co., the largest settlement of a shareholder claim by a financial-services firm since the upheaval of 2008 and 2009. Read the complete Market Watch article on the Government and B of A lawsuit. 


24 Oct 12 Direction the Mortgage Industry is Headed in 2013

The founder of the Lead Planet, Bryan Dornan published an op-ed piece in which he shares his opinion on the direction of the mortgage industry. There is no doubt that there is a lot on the line for the home financing industry in the coming election. This could be profound turning point for an industry that has been hammered with “red-tape” over the last few years. Mr Dornan poses the question on whether or not Dodd-Frank will be repealed if Mitt Romney is elected.

Dornan asks some worthy questions like, “Will the Federal Housing Administration continue to extend financing to borrowers with low credit scores? and Will FHA raise down-payment requirements from 3.5% to 10%?” Read the original article, “Low Mortgage Rates and Aggressive Home Loan Programs in 2013″posted on BDNW blog.


08 Oct 12 Why Are Subprime Loans Consider a Higher Credit Risk for Lenders?

Subprime mortgages have almost become a bad word. The certainly bring up a negative connotation  partially due to the housing crisis that stemmed from the “subprime meltdown” in 2006. During this era, thousands of subprime lenders went out of business as their portfolios defaulted quickly and often. The U.S. government increased security measures on loans for people with bad credit, but FHA, VA and hard money lenders continued to extend credit to consumers that had credit or equity deficiencies  The volume of sub-prime mortgages dropped drastically, but many signs point towards an uptick in activity in 2013 and 2014.

Fannie Mae and Freddie Mac Define Subprime Home Loans as Meeting Some of the Criteria Below:

  • 2 or more 30-day delinquencies within the prior 12 months
  • 1 or more 60-day delinquencies within the prior 24 months
  • Foreclosure, repo, or an account that was charge-off within the prior 2-years
  • Bankruptcy within the last 5-years
  • Low credit scores that indicate a more substantial risk for borrowing
  • Debt-ratios above 50%

Often, these borrowers are desperate for debt relief and are attracted to ARMs with low introductory rates. These ARMs soon adjust to much higher rates, resulting in payment shock and even default for the borrower. The Statement identifies the riskiest loans as ARMs that include any of the following features:

  • A low intro-rate that expires after a short period
  • High rate caps or no rate caps
  • No or little income documentation provided by the borrower
  • High prepayment penalties or pre-payment penalties that are in force for an extended period of time

Recent changes to HOEPA rules under Regulation Z and new regulations for higher-priced home loans address some of these obstacles directly. First, they limit lending without using specific types of documents to verify lower risk factors. In addition, they do not allow early payment charges after the first two years of the borrower’s mortgage. Today it seems most of the subprime lenders are offering fixed rate products exclusively and we believe that this is a step in the right direction.



30 Jul 12 Today’s Mortgage News

It’s hard to believe that interest rates on mortgages could get any lower, but they did. The Mortgage Bankers Association and Freddie Mac both published weekly surveys indicating that the mortgage rate averages dipped to break more records. The thirty-year rates averaged 3.52% and the fifteen-year rates averaged 2.82% respectively.

Note-Worthy Mortgage News for Today

How to Refinance with HARP if You Have a 2nd Mortgage

Texas Bank Sues the CFPB Mortgage News Daily

Bond Investors Say Housing Crisis Not Over


25 Jul 12 HARP Loan Applications Represents 20% of Refinancing Market

According to Federal Housing Finance Agency, 1 in 5 refinance loans being submitted to lenders is intended for Home Affordable Refinance Program. According to the report about 20% of home refinancing applications in May fit the HARP 2.0 description because of negative equity. This is the largest increase since the HARP program was launched in 2009, according to new data from the FHFA.

According to recent surveys, HARP lenders are buried in loan applications as homeowners across the country are seeking reduced payments from the record low rates. A few of the subprime lenders are processing loans for the HARP 2.0, but most of the loan companies and banks funding HARP loans would fit under the “Prime” category for lenders because they are requiring higher fico scores.

The FHFA attributes the increased volume, in part, to record-low interest rates on 30-year home loans and to the removal of the loan-to-value (LTV) cap and certain risk-based fees, enabling more borrowers to take advantage of HARP. During the first five months of this year, more than 78,000 refinances were completed, exceeding the total HARP refinances during all of 2011.

In May, borrowers with greater than 105% LTV accounted for nearly one-third of HARP volume. HARP refinances represented over 40% of total refinances in Nevada, Arizona, Michigan and Florida, compared to 20% nationwide. Underwater borrowers represented more than half of HARP volume in Nevada and Arizona and 40% to 50% of HARP refinances in Florida, Idaho and California. Read the original Mortgage Orb article.



05 Jul 12 Are HARP Lenders Denying Loans that Eligible for Home Affordable Refinance Program?

Freddie Mac reported a spike in home refinancing applications this week, but this may be in response to the record low rates in addition to the HARP inquiries. With lots of reports indicating that the program called the “Home Affordable Refinance” has been a huge success, there seems to be some buzz that some HARP mortgage lenders may not be following the new guidelines outlined by Fannie Mae and Freddie Mac.

To those of you who do not know, Nevada continues to lead the nation for states that have the highest percentage of homeowners that have an underwater mortgage lien. Raintree Mortgage Services revealed in a press release that HARP lenders may not be approving as many refinances in Nevada as were originally reported by Freddie Mac.  Like many loan companies, Raintree was excited about the HARP 2.0 because this solution could help a lot of local homeowners secure better refinancing options.  Fannie Mae and Freddie Mac agreed to ease the guidelines on the Home Affordable Refinance Program and removing the loan to value limits is very aggressive. The Harp refinance is by far the most popular loan for homeowners seeking loans this year.

It has come to our attention that some HARP mortgage-lenders may not be approving these loans though as frequently as reported. According to the press release from Raintree, There is a “major backlog of HARP loan applications taking a reported 30-90 days in underwriting, many borrowers are complaining that they have waited several weeks just to find out that their request for home refinancing was denied due to a particular loan company’s own internal Home Affordable guidelines.”

In addition to many of the banks creating individual guidelines for the 2012 HARP, companies are reporting snags from insurance companies that are not agreeing to cover some refinance loans because they are such a high risk for defaulting because they are so far underwater.  Hopefully Freddie, Fannie, AIG insurance companies and the mortgage lenders for HARP get it figured out because this is truly a once in a lifetime refinance program.


05 Jul 12 Mortgage Lenders Report Record Breaking Rates and More HARP Applications

According to the Mortgage Bankers Association and Freddie Mac, interest rates on home loans dropped again this week, breaking previous record lows. The interest rate for a fixed 30-year mortgage fell to 3.62% from 3.66% last week. The MBA reported that mortgage rate refinance has matched or hit a new low for 10 of the past 11 weeks.

Meanwhile, the fixed 15-year mortgage dipped to 2.89%, down from 2.94%. The 15 –year loan has never been more attractive to homeowners looking to refinance and own their home “out-right” in half the time of a thirty-year mortgage. With 15-year rates under 3%, it comes as no surprise that application volumes for home loan refinances have been soaring the last few weeks. At the current home loan rate, a consumer financing $400,000 would pay $2,740 a month and spend a total of just under $94,000 in interest over the 15-year period of the home loan.

Freddie Mac also indicated that the applications for the HARP 2.0 continued to rise. Check the list if you need to locate a 2012 HARP lender that could facilitate a refinance in your area. The eligibility requirements for the Home Affordable Program are unique so discuss your details with one of the many approved 2012 HARP lenders.

According to Frank Nothaft, Freddie Mac’s chief economist, “recent economic data releases of less consumer spending and a contraction in the manufacturing industry drove long-term Treasury bond yields lower over the week, and allowed fixed mortgage rates to hit new all-time record lows.”

The Boston Herald reported that affordable home financing has offered some aid to the long-suffering housing sector. They said in an article that “sales of new and previously occupied homes are up from the same time last year and that home prices were rising in most markets. And homebuilders are starting more projects and spending at a faster pace.


05 Jul 12 FHA Streamline Program Helping Consumers Refinance Underwater Loans

It’s no secret that the Federal government has been taking measures to make mortgage refinancing more accessible and more affordable. Fannie Mae and Freddie Mac rolled out the new and improved HARP 2.0 and the Federal Housing Administration recently announced eased guidelines for underwater customers with the FHA streamline refinance. Getting qualified for a mortgage with poor credit was one challenge, but getting approved to refinance a loan that was larger than the home’s value was another.

With FHA streamline rates breaking records every few months, it’s hard for homeowners not to look over their shoulder wondering if the time for refinancing has arrived once again. The FHA streamline was created to simplify the loan refinancing process. This has been a successful refinance program for several decades now but the guidelines now favor underwater homeowners. FHA has taken significant measures to help people that are stuck with underwater mortgages. The streamline companies like the HARP lenders opens the doors for borrowers that are upside down because of declining property values.

The Federal Housing Administration recently announced that lenders would be offering loans with lower fees for borrowers who qualify for the streamline program with FHA. The fee reductions went into effect a few weeks ago and borrowers that have mortgages insured by the FHA are invited to submit an application for home refinancing under the streamline program. Eligible borrowers must have a home loan that was closed and endorsed by the FHA before June 2009.

According to the Department of Housing and Urban Development, more than 750,000 consumers have completed mortgage refinances through the FHA streamline program. More than 50% of those refinance loans took place in 2009 after the housing and mortgage markets collapsed. Unfortunately increased insurance premiums on FHA mortgages may have eligible homeowners rethinking the value of refinancing because insurance premiums have soared. Depending on the size of the loan, the fees can eat up much of what the borrower would save through the refinance.

Important to qualify for the low fee streamline refinancing:

– Have a home loan already insured by the FHA.

– Borrower must be current on the home mortgage.

– the FHA insured lien must be endorsed by FHA prior to June 2009.


01 May 12 Mortgage Insurance Case Gets Settled by MGIC

According to the Department of Housing and Urban Development, Carly Neals filed a complaint with HUD alleging MGIC had discriminated against her when it preconditioned insuring her mortgage loan on the early termination of her maternity leave and subsequent return to work. After investigating the complaint, and concluding that the parties were unable to reach a settlement, HUD issued a charge of discrimination and referred the case to the Department of Justice (“DOJ”).

Carly Neals applied in May 2010 with PNC Mortgage to get a home loan refinance on the house she owns jointly with her husband in Wexford, PA. Neals is the mother of three children, the youngest was born on June 21, 2010, and PNC determined, based on Fannie Mae’s underwriting guidelines, that her request to borrow 90% of the value of her home required private mortgage insurance. Mortgage lenders typically require applicants seeking to borrow more than 80 percent of their home’s value to obtain mortgage insurance. Neals’s loan application documented her wage and bonus income from her full-time job for the previous two years. This documentation included pay stubs from April 29, 2010, and May 13, 2010, showing net pay of $2,148.98 in each two-week pay period. After giving birth to her youngest son on June 21, 2010, Neals began a period of fully paid maternity leave from her job.

Read the original Forbes article.


01 May 12 New Systems for Lenders Working with Fannie and Freddie

Government mortgage giants Fannie Mae and Freddie Mac on Tuesday begin requiring the banks and service companies that they work with to note that fees they pay to register vacant homes in Chicago are done “under protest.” The government-sponsored entities believe that the revised city ordinance that introduced the $500 fees should not apply to them. Their government regulator, the Federal Housing Finance Agency, has filed a lawsuit against the city of Chicago on their behalf.

Chicago began charging lending companies the one-time registration fee in November, when it introduced some changes to the city’s vacant housing ordinance.  These new rules will go for 1st and 2nd home loans. Previously, abandoned homes were the legal responsibility of only the homeowner. But the Chicago City Council expanded the ordinance to require lenders to register, secure and maintain properties when homeowners fail to do so. Read the original WBEZ article.


10 Jan 12 Fannie Mae CEO Quits

Michael J. Williams, the CEO who was hired to help Fannie Mae find the road to financial recovery in 2009 announced he was stepping down, step down as its CEO. Williams says he will continue as CEO and as a director until a successor is found. “I decided the time is right to turn over the reins to a new leader,” Williams said in a statement.

According to Bloomberg, Fannie Mae mortgage bonds gained after the government-supported companies detailed changes to their refinancing rules. Fannie Mae’s 6.5%, 30-year fixed-rate mortgage securities rose about 0.20 cent on the dollar to 110.55 cents, the highest since Oct. 14, as of 12:05 p.m. in New York, according to data compiled by Bloomberg. With the mortgage refinance rate hovering at 4%, the demand for homeowners to swap loans for savings remains strong.

The bonds outperformed similar-duration U.S. government notes by about 0.25 cent. Fannie Mae and Freddie Mac offered additional information yesterday on adjustments to refinancing rules for loans to borrowers with little or no home equity under a Program called the “Home Affordable Refinance”. The government-controlled companies’ letters to lenders suggested less relief for so- called representations and warranties that can be used to forced mortgage repurchases than some investors anticipated. “The rep and warranty relief newly offered by Fannie Mae through yesterday’s announcement is not all that significant and, at the very least, somewhat lower than what has been already been priced in,” Nomura Securities International Inc. analysts led by Ohmsatya Ravi in New York wrote in a note to clients.

Most loan companies have shelved their bad credit house liens until the default rate drops dramatically. The mortgage companies also revealed the maximum upfront fees they plan to charge on high- risk mortgages will fall to 0.75%, from 2 %, unless homeowners refinance into debt with terms of 20 years or less. On October 24th, their regulator said they would eliminate the fees for short-term debt and reduce them for other loans without providing details.


04 Jan 12 Mortgage Application Activity Slows in the Final Week of 2011

Even as mortgage rates continued at a record pace, the demand for home loans fell in the final week of 2011. The decline in mortgage applications was not unexpected because home financing activity typically slows during the Christmas holidays. Home mortgage declined 4.1% in the final week of 2011. According to Mortgage Bankers Association, home loan purchase applications dipped 9.6% and mortgage refinancing activity declined 2.5 %.

MBA said that the average 30-year mortgage rates on conforming home loans fell to the year’s low of 4.07% from 4.10% the prior week, and well below 4.82% at the end of 2010. According to NAR, home loans with no money down were not as available and it was having an impact on the homeownership rate which has faltered the last few years.

Bob Moulton, president of Americana Mortgage Group in Manhasset, New York, said the company’s loan volume is off to a better start in 2012 than the same time a year ago, because homeowners are interested in refinancing.

The slide to near-record-low borrowing rates has spurred more homeowners to seek refinancing, propelling that index up more than 60% in 2011.

But demand for home mortgages fell in the year, as borrowers struggled to come up with enough cash for down payments or stayed on the sidelines due to worries about unemployment. Read the complete Reuters article.



20 Dec 11 Democrats Want Homeowners to Fund Payroll Tax Extension Via FHA, Fannie and Freddie

The Democrats in the House and Senate proposed a new bill to extend payroll tax cuts for two months and they suggest that an increased fee to FHA home loan to pay for it.  I’ve heard some wild ideas reporting new in the mortgage industry for the last decade, but hiking  fees on no cost equity loans is absurd. The House was scheduled to vote on the legislation last night.

For the last few months, Washington politicians have been arguing the merits of extending the payroll tax cuts that supposed to be funding social security. Under the proposed legislation, annual mortgage insurance premiums for purchase-mortgage transactions with the FHA would increase by 10 basis points. Guarantee fees, or “G fees” for Fannie Mae and Freddie Mac loans would also rise.

Mortgage Bankers Association President and CEO David Stevens, pleaded for the House to vote down the payroll tax extension. “The idea that you should pass a ten year tax increase for two months of payroll tax relief is appalling. Fannie and Freddie’s guarantee fees are supposed to be used to help offset the risk inherent in providing home loans, and any increases should be used for that purpose,” he said. “Siphoning off a portion of those fees into the general government coffers may be politically expedient, but it is far from sound policy.”


16 Dec 11 Home Mortgage Bonds Surge with Support from Federal Reserve

Mortgage interest rates declined this week in the United States and the bonds rallied after the Federal Reserve’s latest comments. With house lenders reporting 30-year mortgage rates at or below 4% on FHA and conventional home loans the affordability level has never been better for mortgages. There is no doubt this will help keep the refinance loans lower for the first quarter of 2012. Yields on Fannie Mae’s current-coupon, 30-year bonds ended last week at 94 basis points more than 10-year Treasuries, the narrowest since July 8, according to data compiled by Bloomberg. The spread widened to 105 basis points as of 2:53 p.m. in New York, after reaching 121 on Nov. 24.

According to a Bloomberg report, The Federal Reserve is already bolstering the market, adding “dollar roll” trades this month that lower home financing costs for investors, after starting in October to recycle proceeds from past investments in housing-related debt to help real estate escape its worst slump since the 1930s. While a smaller share of economists predict the central bank will add to its $1 trillion of holdings as the U.S. grows, bond buyers may benefit regardless, said Dwight Asset Management Co.’s Paul Norris.

About 49% surveyed by Bloomberg News see the Fed announcing next year additional debt buying, down from more than two-thirds before the central bank’s November meeting. The Federal Open Market Committee said today the “economy has been expanding moderately,” at the conclusion of its meeting in Washington, and refrained from taking new actions to reduce home loan costs.

The Standard & Poor’s/LSTA U.S. Leveraged Home Loan 100 index fell 0.3 cent to 90.39 cents on the dollar, the lowest level since November 29th. The measure, which tracks the 100 largest dollar- denominated first-lien leveraged loans, has declined from 90.83 on Dec. 6. Leveraged mortgage loans and high-yield bonds are rated below Baa3 by Moody’s and lower than BBB- by S&P.

The Federal Reserve, which under QE1 bought $1.25 trillion of home mortgage securities and $172 billion of other agency debt through March 2010, has purchased a net $56.1 billion since October to offset prepayments and maturities, Bloomberg data show. The acquisitions are focused on the $5.3 trillion market of home loan bonds guaranteed by government supported Fannie Mae and Freddie Mac or U.S.-owned Ginnie Mae.

With dollar rolls, an investor seeking to borrow money enters into contracts to sell mortgage securities in any month and then buy similar bonds the following month; a lender would undertake the opposite trades. Investors entering into transactions for other reasons may be on either side of the contracts.


13 Dec 11 Increasing Mortgage Fees to Fund the Payroll Tax Cut

Wow, it seems politicians will go to great lengths for Obama’s reelection campaign as they are now moving to fund the payroll tax cuts by taxing future government mortgages. It’s hard to believe that with the social security well running dry that we would slash the payroll taxes that actually fund it, but then to hear that they are going to use mortgages bought by Fannie Mae and Freddie Mac to fund it is even more absurd.

Democrats and Republicans continue to wrangle over how to pay for extending the payroll tax cut, one option floated by both parties on Capitol Hill is to tap into mortgage giants Fannie Mae and Freddie Mac to raise $38 billion in revenue over 10 years. But the proposal, which would require that the two Government Sponsored Enterprises (GSEs) undergirding the housing market raise the fees they collect from lenders, has real estate industry groups in an uproar. And housing experts say the additional fees could be yet another headwind for the shaky housing market.

Many lenders are advertising low rates and fees on government loans so we suggest comparing mortgage-refinance rates and terms from multiple lending sources.

The idea of boosting the fees Fannie Mae and Freddie Mac collect was first floated by the now defunct congressional Super Committee tasked with finding $1.2 trillion in deficit-reduction measures, and it had garnered bipartisan support at the time. Now, as Congress looks for ways to pay for an extension of the payroll tax cut, the proposal has resurfaced in legislation put forth by both House Republicans and Senate Democrats. If Congress doesn’t act the payroll tax cut is scheduled to increase by two %age points, to 6.2% from a rate of 4.2% – which would effectively increase taxes by $1,000 for the average family next year.

Fannie Mae and Freddie Mac don’t issue mortgages themselves, but they buy them from lenders and repackage them into securities that are then sold to a wide range of investors. The two GSEs now own or guarantee about half of U.S. home mortgages, or nearly 31 million loans. To protect against any defaults, they charge the originating lenders “guarantee” fees. Last year, those fees averaged 0.26 percentage points of a loan’s value. Under the new Republican and Democratic proposals, the fees would rise by at least an eighth of a %age point – and the money raised would go to the Treasury Department, not to Fannie and Freddie.

Business groups are opposed both to the higher fees and to the idea of diverting the money to the Treasury. The National Association of Realtors and the National Home Builders Association on Thursday sent a letter to Sen. Bob Casey, D-Penn., author of the Democratic proposal, arguing that the fees “should not be diverted for purposes unrelated to the safety and soundness of the housing finance system.” The groups said the congressional proposal is “counterproductive” and said the fees should be used “solely for the purpose of minimizing the loss exposure of these government-sponsored enterprises, investors and taxpayers.” The National Association of Realtors will send another letter to the House GOP leadership on Friday stating its fierce opposition to using revenue from a fee increase to fund programs outside of housing.

Some in Congress are also adamantly opposed to the higher fees. “Fannie Mae and Freddie Mac are currently being propped up by taxpayer dollars, so it makes no sense to use them as an ATM to pay for other government spending,” says Rep. Dennis Cardoza, D-California. “Although I support extending the payroll tax cut, it is imperative we find another source of funding instead of playing these shell games. Fannie and Freddie are already floundering under the weight of the ongoing housing crisis and I fear this could only further worsen their ability to help struggling homeowners.” Home refinance lenders continue to express concerns over increased mortgage insurance premiums so this could really burden borrowers in the Golden state.

The Government Sponsored Enterprises are still burdened with financial problems of their own. Since the Bush administration seized control of the mortgage giants in September 2008, they have received $151 billion in taxpayer funding – money that they must still repay. Having the guarantee fee go to the Treasury instead of Fannie and Freddie would only make it harder for them to pay down their debts, says Susan Wachter, professor of financial management at the University of Pennsylvania’s Wharton School. “If it is raised and goes to pay for Treasury deficits, it’s not covering the deficit that Fannie and Freddie owe, which ultimately is a tax payer liability as well,” she says. “It’s not accomplishing what it’s supposed to accomplish.”

Read the original Fiscal Times Articles on Paying for the Payroll Tax Cut.


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