At the time, both President Barack Obama and House Speaker John Boehner lauded the move to avoid a tax increase for millions of working Americans. But there’s something the politicians weren’t bragging about – the fact that they’re paying for the two-month tax cut with what has turned into a brand new fee on home buyers.

The new fee is a minimum of one-tenth of 1 percent on Fannie Mae- and Freddie Mac-backed loans, and is likely to go much higher.

It will be imposed for the next 10 years on most mortgages and refinancing and it lasts for the life of the loan.

Obama
unveils mortgage refinancing plan

Congress
preps Round 2 of payroll tax-cut fight

Budget
cuts, fees eyed in payroll tax talks

For every $200,000, it amounts to an extra $15 dollars a month.

It’s bad news for Patty Anderson, who’s buying a home in Virginia.

Anderson will save a couple hundred dollars from having her payroll tax cut extended but her mortgage broker told her the new fee would cost her almost $9,500.

“I was absolutely startled that it would add up to that much,” she said.

The $35.7 billion collected in fees won’t go into the Social Security fund to replace the lost payroll tax. It goes to the general treasury where Congress can spend it however they please.

Bill Burnett, Anderson’s broker and president of the Virginia
Association of Mortgage Brokers, said you won’t see Congress’ new charge in the paperwork, but it’s there.

“It’s actually built into this [interest] rate. You would never see the fee as a cost to you,” he said.

Burnett said the fee will affect a “very large number” of homeowners.

“Your pocketbook is being raided in order to pay for a tax policy issue
decided at the last minute by probably people who didn’t understand fully what they were legislating on.”

CBS News went to Capitol Hill ask what Congress was thinking when they passed the mortgage fee hike. Boehner pointed the finger at the Senate.

“As you’re well aware, this bill came over from the Senate. I don’t know how they
justified it. We would rather have offset that two-month extension with reductions in spending,” he said.

But the Senate blamed theHouse. And Democrats and Republicans blamed each
other.

One congressman, Florida Republican Allen West, said he tried to blow the whistle on the whole thing before Christmas.

“I read the legislation and raised the flag. Unfortunately
nobody paid attention to what I was saying at the time,” he said, calling the fee
a backdoor tax increase on the middle class.

“It absolutely is because you’re talking about the homeowners – when you’re talking about the  people that are gonna be using the Fannie Mae, the Freddie Mac, the government-sponsored enterprises – it is absolutely a tax increase on them.”

An Obama administration official defended the mortgage fee, calling it “modest.” She said it’s “unlikely to negatively affect borrowers” because increases “will be phased in over the next two years.” And it will “help bring private capital back into the mortgage market, which [is] good for borrowers over the long term.”

Maybe so. But Patty Anderson only knows that for the next 30 years, she’ll be haunted by the Washington ghost of Christmas past.

“I think it just looks like Washington grabbing more money,” she said.

To see Sharyl Attkisson’s report, click on the
video in the player above.

© 2012 CBS Interactive Inc.. All Rights
Reserved.

Brenda
Frank

Keller Williams Elite Prop.

20801
Biscayne Blvd., Suite 101

Aventura, FL,
33180

Direct: 954-296-5950

Office: 954-237-2028

Fax: 954-342-0133

brenda@hollywoodbytheseafl.com

2005, August, I saw the beginning of a meltdown in rising prices. It was not until 2007-08 that the rest of the country caught up with my observation and the market really took a plunge. I saw the property values bottom out in 2010, June.

2010-2011 This was the best time EVER to be a buyer. Great inventory, lots of it and prices at least 50% lower than the ’05 prices.

2112, January, I saw the real estate market picking up. The confidence of the public was apparent. People started hiring, buyers started buying. The anomaly of this is that although the inventory is low so are the prices…for now.

I project, with the exception of something monumental happening that is out of anyone’s’ control, that the real estate market will continue to be a solid investment. Hopefully the banking mavens will not allow the financing to get out of control, as it did until the bottom dropped out causing the demise of the market. The jury is out on that one!!!

Historically, real estate has fueled the economy but not today, it appears that the confidence of the consumer is doing that.

I am writing this on the Ides of March. I will be updating my projections as I see them.

At the time, both President Barack Obama and House Speaker John Boehner lauded the move to avoid a tax increase for millions of working Americans.

But there’s something the politicians weren’t bragging about – the fact that they’re paying for the two-month tax cut with what has turned into a brand new fee on home buyers.

The new fee is a minimum of one-tenth of 1 percent on Fannie Mae- and Freddie Mac-backed loans, and is likely to go much higher.

It will be imposed for the next 10 years on most mortgages and refinancings and it lasts for the life of the loan.

For every $200,000, it amounts to an extra $15 dollars a month.

It’s bad news for Patty Anderson, who’s buying a home in Virginia.

Anderson will save a couple hundred dollars from having her payroll tax cut extended but her mortgage broker told her the new fee would cost her almost $9,500.

“I was absolutely startled that it would add up to that much,” she said.

The $35.7 billion collected in fees won’t go into the Social Security fund to replace the lost payroll tax. It goes to the general treasury where Congress can spend it however they please.

Bill Burnett, Anderson’s broker and president of the Virginia Association of Mortgage Brokers, said you won’t see Congress’ new charge in the paperwork, but it’s there.

“It’s actually built into this [interest] rate. You would never see the fee as a cost to you,” he said.

Burnett said the fee will affect a “very large number” of homeowners.

“Your pocketbook is being raided in order to pay for a tax policy issue decided at the last minute by probably people who didn’t understand fully what they were legislating on.”

CBS News went to Capitol Hill ask what Congress was thinking when they passed the mortgage fee hike. Boehner pointed the finger at the Senate.

“As you’re well aware, this bill came over from the Senate. I don’t know how they justified it. We would rather have offset that two-month extension with reductions in spending,” he said.

But the Senate blamed the House. And Democrats and Republicans blamed each other.

One congressman, Florida Republican Allen West, said he tried to blow the whistle on the whole thing before Christmas.

“I read the legislation and raised the flag. Unfortunately nobody paid attention to what I was saying at the time,” he said, calling the fee a backdoor tax increase on the middle class.

“It absolutely is because you’re talking about the homeowners – when you’re talking about the people that are gonna be using the Fannie Mae, the Freddie Mac, the government-sponsored enterprises – it is absolutely a tax increase on them.”

An Obama administration official defended the mortgage fee, calling it “modest.” She said it’s “unlikely to negatively affect borrowers” because increases “will be phased in over the next two years.” And it will “help bring private capital back into the mortgage market, which [is] good for borrowers over the long term.”

Maybe so. But Patty Anderson only knows that for the next 30 years, she’ll be haunted by the Washington ghost of Christmas past.

“I think it just looks like Washington grabbing more money,” she said.

© 2012 CBS Interactive Inc.. All Rights
Reserved.

That same afternoon I started to receive emails from J. Crew but did not open any of these until Mon.afternoon.

Upon opening the emails one of them advertised 10% off on my next mail order purchase.

Mon. I was planning to go to their store in the Aventura Mall at the end of the day to purchase a man’s sweater for a gift as the Lincoln Rd. store does not sell men’s’ clothing.

I picked one out and spoke to the manager and asked if they would honor the on line 10% discount. He said, “Yes”.

I then told him I had seen the same coat I bought for $325.00 on sale in the on line catalog in different colors for $260.00.

Another manager suggested I order one in magenta and have them send it out; taking advantage of the $260.00 sales price plus an additonal10% off. This way I would have the black one I ordered on Sun. and the magenta one to see which one I preferred. I said I did not like to do things like that. She then offered me the black coat for the same reduced price.

Inasmuch as I appreciate the time and attention to these matters I would have much preferred to have the prices being the same to everyone without having to check: on line, the catalog, or more than one store as the price of the coat in different colors was not reduced in Lincoln Rd. store.

At this time I am waiting for the coats to be delivered before Dec.1st as that is the date when I need the coat.

p.s I returned both coats and unsubscribed to J.Crew email which kept sending me discounts and deals.  These emails coming fast and furious is disconcerting and knowing that customers buying the same merchandise at the same time are paying different prices is annoying.

1)  Coming out of the parking area on Magnolia St,.at the beach, the wait for the light to change seems endless. Why can’t there be a ‘sensor’ detecting a vehicle that will allow the traffic light to change? The wait for the light change is at least a few minutes while no traffic is happening on A1A.  When there are no vehicles leaving the parking area or pedestrians crossing the street there is no need for the light change allowing for steady traffic flow on the main street.

 2)      The same for the traffic lights at the Diplomat Hotel on A1A.  It is so frustrating to sit and wait while nobody is crossing the street nor vehicle traffic  leaving either out of their parking structure or the entrance of the hotel.

 3)      Same situation when leaving the Summit Towers.

I look forward to your comments and suggestions.   If we get enough complaints let’s forward them to DOT and Hollywood elected officials.

I asked a salesman to assist me and explained what I had seen on line.  I was looking for a hybrid and according to the information I read and heard one was coming out either in Feb. May, now, or never.

The salesman showed me one car that came close to what I requested.  I was looking to replace my 2008 Jaguar XJ with 26,000 miles for a smaller car.

 When I asked the salesman what my car was worth he told me, “Look it up in the Kelley’s Blue Book”.  Huh?  I had the money in my checkbook to buy on the spot.

 I said “Thank you” and walked out.  He never even gave me a card nor turned around as I left.

 The following week my husband and I went to the Car Show inMiami Beach.

 We went to the Lexus display and asked about the hybrid they were or were not coming out with.  Could not get a straight answer from anyone. We also asked the length and width of the new car.  They did not and could not get an answer for us.  We left.

 Went to preview the new Mercedes Benz.  Asked one of the salesmen where the E Class cars were.  He said there are none at the show.  As we were walking away from their display we saw about 3 cars in the E Class series in which we inquired.

 We came upon the Hyundai display. And saw IT.  A 2011 hybrid; loaded.

 A lovely lady from the company had the answers to our questions regarding the dimensions.

 On Monday, while at work, my assistant and I called almost every Hyundai dealer in Broward and Dade counties.  Most of them did not have this particular car or if they did have one or 2 they were in shades of grey which I did not want.

 We called Lehman Hyundai.  Spoke to Anas who assured me they had the car I wanted.  They had pearl white, silver and brown. Fully loaded, hybrid.

 I told them my husband and I would be there in a few hours.

 When we arrived and were met by a salesman who told us to go outside to the front of the building on the right.  That’s where we would find what we came to see.  We went out and could not find the cars.

 He eventually joined us outside and was surprised there were none of the cars.

 We went into his office and he called in the sales manager.  They lied.  They had no hybrids.

 We had raced up to Lehman Hyundai for nothing.  We told the manager and salesperson they would not see us there again.  There is no way I would buy a car from them. Ever.

 Meanwhile other dealers were calling us and telling us there were no hybrids inFlorida.  Period.

Rick Case assured me the new cars would be in on Nov, 9^th or close to that date.

 It is now November 29, 2011 and I have not heard from anyone.

 After a wash and wax my Jaguar looks pretty good.

 The media makes a big deal about the economy and the lack of business.  Perhaps the lack of business comes not from the public not buying but in the lack of business not selling!