Posts Tagged ‘treasury’

Really? Taxes are Cut, Tax Collection and Revenue Grows?

July 13th, 2018 Comments off



Facts are facts.  They are not partisan, or at least, they shouldn’t be.


It may not always seem like it, but tax rates and related policies – hold that yawn, please – can be significant drivers of economic activity.

Translated, taxes can help or harm business, including manufactured housing.

That’s why the National Federation of Independent Businesses and others have championed tax cuts. For similar reasons, they are why the Manufactured Housing Association for Regulatory Reform (MHARR) has championed enforcing the law on regulations, not going beyond it.


The Daily Business News promoted for several years the point that tax cutting has proven to be a bi-partisan success in modern American history. President John F. Kennedy (D) cut taxes.  President Ronald Reagan (R) cut taxes.  Certainty on taxes and regulations are good for business, investors, and job creation.


Both of those presidents witnessed revenue growth, and economic growth in the wake of their tax cuts.


So, is it any surprise that the latest Treasury data reveals that after the historic tax cuts signed into law last year by President Donald J. Trump that revenue has grown?

That’s a fact.


The federal government collected a record $1,305,490,000,000 in individual income taxes through the first nine months of fiscal 2018 (October 2017 through June 2018),” noted CNS.


There is still a sizable deficit, which was anticipated.  Given structural reforms that are already underway, with more that could be coming in 2019, that could begin to fall back in line.

In a federal release do the Daily Business News, “The Monthly Treasury Statement of Receipts and Outlays of the United States Government (MTS) is prepared by the Bureau of the Fiscal Service, Department of the Treasury and, after approval by the Fiscal Assistant Secretary of the Treasury, is normally released on the 8th workday of the month following the reporting month. The publication is based on data provided by Federal entities, disbursing officers, and Federal Reserve banks.”

Econtrepreneur bills itself as the “Intersection of Business-Economics-Politics.”  They’ve provided the following insightful information, which may include an insight that many never knew.  Namely, that for years, tariffs and other taxes – not an income tax – were the bulk of the payments to support the federal government.


There are still serious structural changes that are needed in Washington, D.C.  President Trump has said as much, and has included as part of his plan the goal for yet another round of tax cuts and making some of the ‘temporary’ cuts permeant.  NFIB, which sources there say has hundreds of manufactured housing industry member companies, is promoting that phase two of tax cuts.

Act Now to Make Tax Cuts for Small Business Permeant

The U.S. economy is growing at a faster pace, and unemployment is at or near record lows for most measured groups.

Perhaps the most interesting recent development is that those who’ve sat on the sidelines for some time are now coming back out, looking for those better paying jobs.  But another benefit is the hundreds of billions in capital pouring back into the U.S.  One factory builder has already arguably benefited from that foreign or repatriated capital coming to America.

Billion Dollar Startup Modular Builder, Using Robotics, Could Soon Rival Clayton Homes’ Total Sales

All of these economic drivers promise more economic growth, which will create still more federal tax revenues. Yes, trade is an issue, but there are experts who believe that it is going to get resolved, favorably for the U.S., in the weeks ahead.  If so, that too will boost domestic industry, jobs, etc.

Politics aside, it’s all part of a promising economic outlook for the balance of the year.  Of course, among the question marks are the midterms, which are now just 4 months out. Whatever comes, the Daily Business News will continue to monitor the developments. “We Provide, You Decide.” © ## (News, analysis and commentary.)

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Revised Economic Numbers Spotlight Strongest GDP in Years, Q2, Plus Manufactured Housing Industry Market Report

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Former Head of Ginnie Mae does not Envision GSE Reform Soon

November 11th, 2015 Comments off

joseph_murin__former_ginnie_mae_prez_and_ceo__scotsmanguide__creditThe former president and CEO of Ginnie Mae, Joseph Murin, said the Obama administration is not looking to recapitalize GSEs Fannie Mae and Freddie Mac, preferring to leave them as a conservatorship from which funds can be extracted as needed. Also, he does not believe reform of the government-sponsored enterprises (GSE) will occur under the next administration, scotsmanguide reports.

The Treasury is using them as a cash cow to use their cash flows for other areas of the federal government, where the administration feels that they need funding,” Murin said. “It is a deliberate strategy to be able to keep the GSEs where they are today, let them continue to earn and to transfer those earnings over to the Treasury.

Treasury Secretary Jack Lew said the administration does not want to release the GSEs from conservatorship now would it consider allowing them to retain earnings. He said President Obama wants Congress to take up housing finance reform so taxpayers would not be unduly exposed to risk.

Noting that the status quo is the administration’s policy, Murin does not believe any major reforms to the GSEs will be adopted, although he says it might be more likely with a Republican presidency, but adds, “I think they will continue to kick the can down the road,” Murin said. “Everybody is pointing to a new administration in 2017. However, I am not sure that is something that is in the cards.

He says some mortgage industry people and Civil Rights groups want the GSEs to recapitalize and release. Murin favors replacing Fannie and Freddie with one entity like Ginnie Mae, which insures mortgage securities backed by the federal government, like FHA, but does not purchase mortgages like the GSEs do. You cannot expect private capital to fill the void left by the absence of a government guarantee because without it, mortgage rates would spike 200 to 300 points. He said, “I don’t think that is ever going to happen, where the private marketplace takes over. The cost of liquidity under a private environment will be too high and it will impact in a negative manner the housing and mortgage market in this country.

The NAACP, the Community Home Lenders Association (CHLA) and the Community Mortgage Lenders of America (CMLA) all support a recapitalization of the GSEs. The NAACP and two other progressive groups are concerned that access to credit for lower-income borrowers is at risk under the status quo.

Mortgage trade groups are concerned Fannie and Freddie will be eliminated, especially since Freddie Mac reported a $475 million loss in Q3 2015, as MHProNews reported Nov. 4, 2015, a significant drop compared to net income of $4.2 billion in the same quarter of 2014. While the Treasury will not have to come to its rescue this time, Federal Housing Finance Agency Director Mel Watt predicted the GSEs will likely have to make draws against the Treasury as their capital reserves are decreased to zero by 2018.

CMLA Executive Director Glen Corso says taxpayer-funded bailouts could lead to the elimination of the GSEs. “There are folks out there that would like to see the GSEs shut down, and our concern is that gives them ammunition to argue that, ‘My God, they are at it again; they are losing money, let’s shut them down right now,’” Corso said. “Our members are very concerned about that.##

(Photo credit: scotsmanguide–Joseph Murin, former CEO and president of Ginnie Mae.)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

Fannie and Freddie Repaying Taxpayers

August 9th, 2013 Comments off

Taxpayers may yet see a profit from the $187 billion bailout by the federal government of Fannie Mae and Freddie Mac in 2008. To date, Fannie Mae has seen $105 billion of the $116 billion it borrowed from Treasury repaid, including $10 billion from the most recent quarter. Of the $71 billion Freddie Mac received, as of Wednesday it has repaid $41 billion, and expects to earn $29 billion later this year. During the housing bubble years the two firms had become the main source of funding for home loans, and hardly anyone expected a payback, according to CNNMoney. The housing market improvement during the past year is the main reason for their return to profitability. As MHProNews has learned, the record low mortgage rates spurred refinancings, increasing the pairs’ fees.

(Photo credit: Jonathan Ernst/Yahoo!Reuters–Fannie Mae headquarters)

Fed Housing Involvement Will Remain

October 18th, 2012 Comments off

Despite calls by analysts and policy makers following the recent crash to get the government out of the housing business, Kerri Ann Panchuk of HousingWire says the GSEs still account for 85-95% of the outstanding mortgage loans, securitized and unsecuritized. Plus there is a myriad of programs to help homebuyers—Home Affordable Mortgage Program (HAMP), federal block grants, other refinance programs, etc.–that are in direct contrast to The Treasury saying it wanted a mortgage finance system supported by more private capital. Doug Duncan, chief economist for Fannie Mae, says private capital does not see clarity in the new system, and that uncertainty will keep investors away. As MHProNews has learned, government will remain involved for the foreseeable future.

(Image credit: Federal Housing Administration)

Enter, Manufactured Housing?

June 19th, 2012 Comments off

Community development lenders and investors might be eligible for $200,000 grants each from the departments of Agriculture, Treasury and HUD to replace some of the worst housing in the nation—worse than urban slums or some Indian reservations: It’s the “colonias” areas of the U.S. border with Mexico. Likely to be in rural areas or just outside big cities, the residents are largely Hispanic, mostly American citizens, with a cultural propensity to own land. Often sold by shady landowners who tend to confiscate the land if one payment is missed, the residents too frequently have no money for a house after acquiring the land, so the “homes” tend to be of leftover wood, tar paper, and other scrounged materials. In some instances there is no water or sewage hook-ups, providing a breeding ground for disease. In fact, NationalMortgageNews tells MHProNews, Bubonic plague has even been detected at some sites. The funding will be targeted for infrastructure and construction to provide healthful and safe conditions.

(Photo credit: NBCSanDiego)

Mortgage Rates Barely Move

April 20th, 2012 Comments off

HousingWire says average weekly mortgage rates barely changed from last week, the Freddie Mac survey showing the average 30-year fixed rate mortgage (FRM) moving little, from 3.88 percent to 3.9 percent this week. has learned last year the 30-year FRM averaged 4.87 percent. The 15-year FRM also moved little from last week to this, 3.11 percent to 3.13 percent. Last year’s average for this popular refinancing document was 4.1 percent. Five-year, Treasury-indexed hybrid adjustable-rate mortgages averaged 2.78%, a drop from 2.85% the prior week, and a decrease from 2.85% a year earlier. Treasury-indexed one-year adjustable rate mortgages (ARMs) averaged 2.81 percent, 2.80 percent last week and 3.22 percent last year.

(Image credit: BankRate)

Mortgage Rates Down from One Year Ago

December 31st, 2011 Comments off has learned from OriginationNews that according to Freddie Mac, mortgage rates are well below comparable rates from a year ago even though they edged up a little from last week. The average rate for a 30-year fixed rate mortgage (FRM) rose four basis points to 3.95 from last week, but well below the 4.86 percent from a year ago. Similarly, the average 15-year FRM gained three basis points to 3.24 percent from last week, compared to 4.2 percent at the end of last year. The average rate for a Treasury-hybrid adjustable rate mortgage (ARM) for the week ending Dec. 29 was 2.88 percent, as opposed to 3.77 percent a year ago; and the one year Treasury ARM stood at 2.78 percent this week, compared to 3.26 percent at last year’s end.

(Photo credit: totalmortgage)