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When the people fear the government, there is tyranny; When the government fears the people, there is liberty.  ~ Thomas Jefferson

 

Entries from March 2nd, 2010

Fannie Mae Seeks Another Bail-Out

March 2nd, 2010 · Federal Spending, Housing Industry, Stimulus, Tax Dollars, Taxes

Fannie Mae admitted last week that it needs another $15.3 billion from the federal government to stabilize its finances.

Fannie, which is controlled by the federal government, is making financial progress. It reported a fourth-quarter loss of $16.3 billion, including $1.2 billion in dividend payments to the Treasury Department, as compared to a loss of $25.2 billion in the same period in 2008.

Fannie’s problems stem from a continuing stream of bad loans, with 5.38 percent of its single-family loans more than 90-days delinquent, up from 2.42 percent in 2009.

Source: CNNMoney, Tami Luhby (02/26/2010)

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Reduction of Mortgage Tax Breaks Unlikely

March 2nd, 2010 · Congress, Dissention, Housing Industry, Tax Dollars, Taxes, Treasury

So far, Congress is ignoring President Barack Obama’s budget proposal to reduce deductions for mortgage interest and real-estate taxes.

The president proposed that taxpayers would save 28 cents of tax liability for every $1 of mortgage interest or taxes, down from the current 35 cents.

Congressional representatives on both sides of the aisle have concerns about how the idea would impact the housing market, says Matthew Beck, a spokesman for the Democratic majority on the House Ways and Means Committee.

The Joint Committee on Taxation says the current mortgage-related tax deductions will reduce tax revenue by $104 billion this year, with 75 percent of the benefit going to people who earn more than $100,000 per year.

Source: The Wall Street Journal, James R. Hagerty (03/01/2010)

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Move-Up Tax Credit Having Little Impact

March 2nd, 2010 · Federal Spending, Housing Industry, Obama's Scheme, Tax Dollars, Taxes, Treasury

The $6,500 move-up tax credit isn’t significant enough to have much of an impact on the housing crisis, housing experts say.

The percentage of current home owners who are considering buying was unchanged from January, a traditional slow month, to February, when business is usually better, according to a poll of 1,500 real estate agents by Campbell Communications and Inside Mortgage Finance.

“You’ve got a really big problem that requires big guns, and the tax credit is just not big enough,” says Roberton Williams, senior fellow at the Tax Policy Center in Washington.

The credit “is hardly registering on the economic Richter scale,” says Patrick Newport, an economist with IHS Global Insight.

Source: Associated Press, Adrian Sainz (03/01/2010)

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Same-sex marriage leads Catholic Charities to adjust benefits

March 2nd, 2010 · News Alert

By William Wan Washington Post Staff Writer
Tuesday, March 2, 2010

Employees at Catholic Charities were told Monday that the social services organization is changing its health coverage to avoid offering benefits to same-sex partners of its workers — the latest fallout from a bitter debate between District officials trying to legalize same-sex marriage and the Catholic Archdiocese of Washington.

Starting Tuesday, Catholic Charities will not offer benefits to spouses of new employees or to spouses of current employees who are not already enrolled in the plan. A letter describing the change in health benefits was e-mailed to employees Monday, two days before same-sex marriage will become legal in the District.

“We looked at all the options and implications,” said the charity’s president, Edward J. Orzechowski. “This allows us to continue providing services, comply with the city’s new requirements and remain faithful to the church’s teaching.”

[View Complete Article →]

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Public Law Update

March 2nd, 2010 · Public Law Update

H.R. 3961 / Public Law 111-141
To extend expiring provisions of the USA PATRIOT Improvement and Reauthorization Act of 2005 and Intelligence Reform and Terrorism Prevention Act of 2004 until February 28, 2011.
(Feb. 27, 2010; 124 Stat. 37; 1 page)

H.R. 4532 / Public Law 111-142
Social Security Disability Applicants’ Access to Professional Representation Act of 2010
(Feb. 27, 2010; 124 Stat. 38; 3 pages)

Complete Public Law Lists (Click Here To View Lists and See Documents)

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