CUNA backs legislation to stop g-fee use as spending offset
Legislation that would prohibit the use of guarantee fees to offset unrelated federal spending has the full support of the Credit Union National Association (CUNA). Rep. Mark Sanford (R-S.C.) introduced the Risk Management and Homeowner Stability Act (H.R. 4893) Monday.Government-sponsored entities (GSEs) Fannie Mae and Freddie Mac charge lenders guarantee fees, or g-fees, primarily to protect against credit-related losses in the mortgage portfolio. In 2011, those fees were raised by 10 basis points until 2021 to fund a two-month extension of the payroll tax.“Using guarantee fees for purposes entirely unrelated to housing is not sound public policy,” wrote CUNA President/CEO Jim Nussle in a letter to Sanford. “The GSEs charge these fees specifically to offset the risk of guaranteeing payment of principal and interest on loans packaged into agency securities; artificially inflating these fees can elevate housing costs above natural rates, putting homeownership out of reach for many American families at a time when the housing market is still in recovery.”“Additionally, this fiscal sleight of hand misallocates the costs and benefits of a particular federal program or investment,” Nussle added. continue reading » 3SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr
An extra point ended up being the difference. All-American Aaron Donald broke free and stuck his hand up. He blocked the kick and kept SU’s lead at just 6-0 three minutes into the game. And that deflected extra point, coupled with a 41-yard missed field goal by Ryan Norton in the fourth, kept Syracuse (5-6, 3-4 Atlantic Coast) from becoming bowl eligible. The Orange lost to Pittsburgh (5-6, 3-4) 17-16 at the Carrier Dome on Saturday afternoon. When Norton made a field goal that would have tied the score at 10 had the extra point been converted, Syracuse trailed by one. Terrel Hunt’s beautiful touchdown pass to Alvin Cornelius didn’t bump the lead to a full touchdown margin. It put Syracuse up six.AdvertisementThis is placeholder textThen Pittsburgh took the lead on a touchdown run by Isaac Bennett and a good extra point after by Panthers kicker Chris Blewitt.After a 5-yard pass to Ashton Broyld put Syracuse into field goal range, Norton had another chance — this one to give SU the lead. But Norton missed the 41-yarder wide right and Syracuse lost by the point it failed to score all the way back in the game’s first three minutes.“We all make mistakes,” Syracuse linebacker Lewellyn Coker said. “We’re all human. He wasn’t able to execute, but it shouldn’t have been that that determined if we win or not.” Comments Published on November 23, 2013 at 8:37 pm Contact Trevor: tbhass@syr.edu | @TrevorHass Facebook Twitter Google+