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In 2011, when Congress and the Obama Administration wanted to give taxpayers a temporary 2.0 percentage point reduction in payroll (FICA and Medicare) taxes, it funded the cut in part by increasing the g-fees charged by Freddie Mac and Fannie Mae (the GSEs) for their mortgage guarantees by 0.1 percentage point. The payroll tax break is long over, but the g-fee increase doesn't expire until 2021 . The proposed budget released by the Trump Administration today wants to extend and add to it. Little of the proposed $4.4 trillion budget is expected to survive Congress , which already adopted a two-year budget plan last week under threat of the second shutdown so far in 2018. However, the proposal to extend the earlier increase through 2023 and add another 0.1 percent to it is projected to bring
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Housing News
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In 2011, when Congress and the Obama Administration wanted to give taxpayers a temporary 2.0 percentage point reduction in payroll (FICA and Medicare) taxes, it funded the cut in part by increasing the g-fees charged by Freddie Mac and Fannie Mae (th... (read more) |
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Mortgage Rate Watch
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Mortgage rates were generally in line with Friday's latest levels today. Unfortunately, those happened to be the highest in more than 4 years . Rates are primarily determined by the prices and yields of bonds. The bond market has increasingly been un... (read more) |
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Housing News
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Last year Congress failed to pass a sweeping bill repealing much of the Dodd-Frank Wall Street Reform and Consumer Financial Protection Act. It appears they have now adopted a strategy to take smaller bites from the 2009 law enacted in response to th... (read more) |
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MBS Commentary
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2018 has seen the most unpleasant start to a new year since 2009 as far as bond markets are concerned. The big sell-off in 2009 is easier to reconcile as a correction to an even sharper move to lower yields as the financial crisis officially ... (read more) |
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Rob Chrisman
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People are usually surprised to learn there are more boating licenses issued in Wyoming then in Hawai’i. Arizona and flooding? CoreLogic research finds 23% of residential and commercial properties in the US are at a “High” or &ldquo... (read more) |
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MBS Commentary
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Caveat 1: bond yields hit the highest intraday levels in more than 4 years before the open.
Caveat 2: bond yields hit the highest intraday levels in more than 4 years twice last week.
Those two caveats aside, today wasn't too bad! Bonds ... (read more) |
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