In the temporary payroll tax cut bill that reduces the funding of social security, there is an increase in mortgage fee payments collected by Freddie Mac and Fannie Mae. This will occur over a ten year period, and the money will go to the Treasury, not the two mortgage lenders.
The cost of the payroll tax cut is being shifted to people who take out new mortgages or refinance them.
The housing industry really didn’t need this additional “help”. This new mortgage fee is never expected to go away, unlike the temporary payroll tax cut (which cuts funding of social security).
Bottom line, Obama is not really cutting taxes, and if he were, it would be a cut to the source of social security funding.