Senators want higher g-fees to pay for Gulf Coast cleanup

A group of senators want to extend higher Fannie Mae and Freddie Mac guarantee fees to pay for continued cleanup from the British Petroleum Gulf Coast oil spill.
Opponents say the measure, if passed, effectively taxes potential homebuyers and consumers looking to refinance their mortgages.

Congress already approved raising the g-fees through October 2021 by 10 basis points from the average fee charged last year. The Congressional Budget Office estimates the raise would offset $35.7 billion for the costs of the extended payroll tax cut.
The amendment is being pushed to the Restore the Gulf Coast Act of 2011, which would establish a trust fund paid for only partially by fines levied against BP. Sens. Mary Landrieu, D-La., and Richard Shelby, R-Ala. sponsored the bill.

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