WASHINGTON, DC – December 20, 2011 – (RealEstateRama) — The Mortgage Bankers Association (MBA) today urged members of the U.S. House of Representatives to vote against the Senate-passed bill that would extend the payroll tax holiday for two months by adding an additional tax on most homebuyers for the next ten years.
MBA’s President and CEO David H. Stevens issued the following statement:
“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 mortgages, and any increases should be used for that purpose. Siphoning off a portion of those fees into the general government coffers may be politically expedient, but it is far from sound policy.
“Policy makers need to go back to the drawing board and come up with a thoughtful, comprehensive approach to paying for the payroll tax holiday, one that doesn’t increase taxes by thousands of dollars on homebuyers, at a time when the housing market is already struggling.”
The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry, an industry that employs more than 280,000 people in virtually every community in the country. Headquartered in Washington, D.C., the association works to ensure the continued strength of the nation’s residential and commercial real estate markets; to expand homeownership and extend access to affordable housing to all Americans. MBA promotes fair and ethical lending practices and fosters professional excellence among real estate finance employees through a wide range of educational programs and a variety of publications. Its membership of over 2,200 companies includes all elements of real estate finance: mortgage companies, mortgage brokers, commercial banks, thrifts, Wall Street conduits, life insurance companies and others in the mortgage lending field. For additional information, visit MBA’s Web site: www.mortgagebankers.org.
John Mechem (202) 557-2924