way. in the end house speaker john boehner, he caved in and he gave in to political pressure but still he defends the stand that he took. we have fought the fight, the good fight, but i talked to enough members over the last 24 hours who believe that, hey, listen, we don t like this two-month extension. we don t like this reporting problem in the senate bill and if you can get this fixed, why not do the right thing for the american people even though it s not exactly what we want. it seems that everything we ve done this last year has been a knockdown dragout fight. there is no reason to do that. if there were a message received from this last thing we ve been through, i would hope especially i repeat the new members of the house will understand that legislation is the art of compromise. now the tax cut deal is a win for the president. he pushed back pretty hard against house republicans who opposed the short-term extension. white house did issue a statement saying, i q
most people who buy homes or refinance beginning next year, and you do so through fannie, freddie or fha. that s most of you. nine out of ten mortgages go through those agencies. and it will add about 17 bucks more a month to a typical person who buys a $200,000 home or refinances that much starting the new year. $180 more a year. now, the fee will not apply to those of you who currently have mortgages unless you refinance. supporters in congress and the white house say, they are doing this in part because they want to get rid of fannie mae and freddie mac s huge influence in the mortgage market. just this week the sec sued several former execs of the taxpayer bailed out insurers, backed by the government. and the rub, the tax cuts lost only two months and it will take ten years for this fee on home buyers and refinancers to add up to the 36 billion bucks
mortgage. now, the fee hike would be built into the loan and the money would be sent to the treasury. the fee will not apply to those of you who currently have mortgages unless you refinance. but you may well be asking the question why would lawmakers choose to pay for a payroll cut with a fee on home buyers? supporters say many lawmakers and the white house want to get rid of fannie mae and freddie mac s huge influence in the market. here is the rub. the tax cut lasts two months. it will take ten years for this fee on home buyers and refinancers to add up to about the 36 billion bucks the tax cut will cost. so saying it pays for the extension of the payroll tax cut is definitely a special kind of math that somehow those in capitol hill specialize in
bring pack the economy back the economy, but then they re hitting the very market, the housing market that is also key. now, they re saying that what they want to do is take people away from freddie and fannie and we ve seen the sec is suing execs, including the chiefs of the the past chiefs of two of those government entities. they want to take people away from those government entities and take them into private sponsored mortgages. that s what they say this is all about. but basically they re hitting home buyers and refinancers and that s not going to do any help to the housing market. jamie: yeah, which we know has been struggling for way too long. thanks so much. okay. thank you. jamie: and when we we ring in the new year, weigh say good-bye to popular tax breaks, but don t worry, we have got the lowdown on which ones are expiring because we want you to be able to take charge and take