Mortgage Experts Oppose Payroll Tax Holiday

The Mortgage Bankers Association (MBA) have 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.

MBAs 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,” says MBAs President and CEO David H. Stevens. “Fannie and Freddies 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.”

Stevens says 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 doesnt increase taxes by thousands of dollars on homebuyers, at a time when the housing market is already struggling.

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