Congress to Mortgage Borrowers: Merry Christmas and Drop Dead

What would Congress do if it didn't have housing (and mortgage banking) to kick around? Who knows, really. Passing the payroll tax break extension was a good idea. It puts extra money in the pockets of potential mortgage customers who might use the cash to finance a home. Oh, but wait. The new payroll tax break extension is being funded through a 10 basis point hike in guarantee fees charged to seller/services by Fannie Mae and Freddie Mac. Do the lug heads in Congress really think the mortgage industry is going to eat this cost? If they do, maybe Santa will come sliding down their chimneys in two days. As we all know higher g-fees will be passed onto mortgage applicants. The publicly traded Wells Fargo sure as heck isn't going to eat the cost. But it is the holiday season. Maybe Congress will come to its senses and find another way to fund the payroll tax break. The extension is for two months only. Hope springs eternal. March 1 is right around the corner…