Stevens Blasts Senate Plan to Tax Homebuyers
|Rob Van Raaphorst|
|(202) 557- 2799|
WASHINGTON, D.C. (July 21, 2015) - David H. Stevens, president and CEO of the Mortgage Bankers Association, issued the following statement upon learning that the U.S. Senate's transportation funding bill would extend an increase of Fannie Mae and Freddie Mac's guarantee fees in order to fund transportation projects.
"Senators need to vote 'no' on cloture on the motion to proceed to this bill and go back to the drawing board on the pay-fors. Taxing homebuyers, which is the practical effect of increasing guarantee fees, to pay for unrelated government spending like this, is simply bad policy. It's bad for borrowers, it's bad for the housing market and it's bad for the economy, just as all three are finally showing signs of recovering from the 2008 meltdown. That is why we are asking all Senators to vote against this bill until they can find a more appropriate funding mechanism."