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Final transportation bill contains no g-fee raid


The final transportation bill won’t raid the guarantee fees collected by Fannie Mae and Freddie Mac for the use of road transportation spending.

A committee of the U.S. House and Senate reached a deal Tuesday on a multiyear transportation bill that left off a provision that would have used g-fees to offset a funding shortfall.

The mortgage and housing industries have been widely opposed to the use of the fees for any other purpose than covering the cost of mortgage risk. Mortgage industry analysts believe that Congressional leaders will periodically try to slip increases in g-fees into bills to offset funding shortfalls because people aren't as aware of the fee as they are other taxes, such as the tax on gasoline.

Industry groups, like the Mortgage Bankers Association, say this would amount to a hidden tax on borrowers. 

The banking industry lost a key battle, however. Under the bill, banks  with assets over $10 billion will no longer automatically get a fixed 6 percent dividend from the Federal Reserve. Banks with assets less than $10 billion will still receive the fixed percentage. 


 

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