In a win for the entire real estate industry, HousingWire is reporting that a bi-partisan deal has been reached in Congress to exclude the use of “g-fees” to fund the massive 5-year highway bill which is slated for passage this week. Just last month we reported that Congress was considering taxing mortgages to help pay for the proposed highway bill.
According to HousingWire:
“Thanks to a landmark agreement between the Democrats and Republicans in both the House of Representatives and the Senate, it’s looking increasingly likely that the fees charged by Fannie Mae and Freddie Mac to guarantee loans will not be used to fund new roads. According to multiple reports, including from the Wall Street Journal, negotiators from both Congressional houses struck a deal on a five-year highway bill, with only formal votes from both houses and a signature from President Obama remaining to make the deal official. Not included in the highway bill was a controversial portion of a massive transportation bill that would have used g-fees to offset the cost of the bill.”
Click here to read the full story on HousingWire.