Category: Social Security

SCOTUS May Place Independent Agencies Like Social Security and FDIC on the Chopping Block

SCOTUS May Place Independent Agencies Like Social Security and FDIC on the Chopping Block

By Rick Moran 2:46 PM on September 28, 2023
SCOTUS May Place Independent Agencies Like Social Security and FDIC on the Chopping Block
(AP Photo/Jacquelyn Martin, File)
The Supreme Court will hear oral arguments in a case with far-reaching implications. At issue is how independent government agencies are funded and whether Congress is violating the Constitution’s appropriations clause when budgeting monies for them.

The list of independent agencies that could be affected is staggering: the EPA, FCC, FTC, FEC, Social Security Administration, and dozens more. This specific case involves the agency that just won’t die — the Consumer Financial Protection Bureau (CFPB) — and its rules regarding “payday loans.”

The trade group for the payday loan industry — the Community Financial Services Association (CFSA) — is claiming that the CFPB has no authority to regulate anyone because Congress never specifically funded the agency. Congress instead took money from the Federal Reserve’s budget to fund the CFPB operations.

A lower court found in favor of the trade group, and the appeal has now landed in the lap of the high court.

Sheila Bair, former head of the FDIC, explains the risk for the agencies in question.

Politico:

Essential government agencies and programs, including Social Security and Medicare, both of which are administered by independently funded bodies, would see their sources of independent funding vulnerable to challenge. The Federal Reserve, responsible for monetary policy and our payments system, would be particularly at risk, given that it runs on fees and profits from its market operations just like the CFPB. The budgets of the Office of the Comptroller of the Currency, responsible for regulating the nation’s largest banks, and the Federal Housing Finance Administration, responsible for overseeing housing finance, are also independent, coming from funds paid by the entities they regulate.

Requiring these agencies to seek direct Congressional approval for money to function would be particularly dangerous in times of crisis.

The conservatives’ reasoning in this case is sound. These agencies develop rules and regulations that have the force of law, so why shouldn’t their budgets be appropriated by Congress?

Ms. Bair points out that Congress has “oversight” responsibilities and sets “various limits and parameters, including for the CFPB.” In theory, she’s right. But given what some of these independent agencies have been up to when the government is more “activist” than not, it’s easy to see why simple Congressional “oversight” isn’t good enough.

For example, the National Labor Relations Board has put a heavy thumb on the scale and tilted the labor-management dynamic decidedly in the unions’ favor. The NLRB was never supposed to be an advocacy arm for organized labor. And yet in decision after decision, the NLRB has not only decided for organized labor but has also made it much easier for unions to gain a foothold in industries they historically have been unable to crack.

Would the NLRB be so enthusiastically pro-union if Congress held the purse strings?

Congress created the CFPB in 2010 and insulated it from political and industry interference in carrying out its consumer protection mandate in order to stop the kind of reckless lending that led to the financial crisis. And it worked. Today, the CFPB is a big reason why there is very little distress in mortgage finance, even as other sectors of our financial system are under pressure.

People of good will can differ on its funding structure. (I had strongly supported the CFPB but thought its funding should come from more traditional regulatory assessments.) But that’s a policy issue for Congress to decide, not the Supreme Court.

The cascade of Constitutional challenges to funding for independent federal agencies will probably not happen, although individual challenges are probable. For the CFPB, its mandate has always been far too broad and arbitrary. The rules governing payday loans, for example, sank many honest operations in addition to the crooks. The agency’s rules on home loans have put homeownership out of the reach of many and for no reason.

I think most federal agencies — independent or not — would benefit from federal oversight of their funding. And the taxpayer should be demanding it.

Social Security Cost of Living Adjustment Will be 8.7 Percent

BY RICK MORAN

SEE: https://pjmedia.com/news-and-politics/rick-moran/2022/10/13/social-security-announces-cost-of-living-adjustment-for-2023-n1636721;

Republished below in full unedited for informational, educational, & research purposes.

The Social Security Administration announced on Thursday that the Cost of Living Adjustment (COLA) for 2023 will be 8.7%, the biggest increase in 40 years.

Seniors will begin seeing the increase in January. The average increase in benefits will be $140, according to SSA.

The 8.7% tops the 5.9% increase in 2022. At the time, that raise was the highest in 40 years as well.

It’s not enough. The government announced today a much higher-than-expected inflation rate for September. Prices rose 0.4% in September from the previous month. Prices climbed 8.2% on an annual basis.

This guarantees further painful interest rate increases by the Federal Reserve as the central bank continues to battle the inflation let loose by Joe Biden and the Democrats.

“The COLAs really are about people treading water; they’re not increases in benefits,” Dan Adcock, director of government relations and policy at the National Committee to Preserve Social Security and Medicare, told CNBC.

“They’re more trying to provide inflation protection so that people can maintain their standard of living,” Adcock said.

But starting in December, you may be able to see notices online from the Social Security Administration that state just how much your checks will be next year.

Two factors — Medicare Part B premiums and taxes — may influence the size of your benefit checks.

The standard Medicare Part B premium will be $5.20 lower next year — to $164.90, down from $170.10. Those payments are often deducted directly from Social Security benefit checks.

“That will mean that beneficiaries will be able to keep pretty much all or most of their COLA increase,” Mary Johnson, Social Security and Medicare policy analyst at The Senior Citizens League, told CNBC.com this week.

That 8.7% COLA increase won’t come close to covering price increases for food, fuel, or rent. Food prices alone are up 11.4% over last year and with inflation showing no signs of slowing down, those retirees who live on Social Security alone or on a fixed income will be in a world of hurt by mid-year.

Democrats are already trying to demagogue the issue.

Social Security isn’t funded by the “wealthy.” It’s funded by workers paying Social Security taxes out of their paychecks. And that includes convenience store clerks and Fortune 500 CEOs.

No doubt the COLA will be welcome. But once seniors realize the increase they’re receiving comes up short of helping them make ends meet, any gratitude they feel to Elizabeth Warren and the Democrats will be short-lived.

WHAT REALTORS ARE NOT TELLING THE PUBLIC: ILLEGAL ALIENS WITHOUT CITIZENSHIP OR SOCIAL SECURITY NUMBERS CAN BUY HOMES WITH AN IRS “ITIN NUMBER” & SUB-PRIME MORTGAGE UP TO $7,500,000

TOO MANY ILLEGAL ALIENS CROSSING THE BORDER? HERE'S WHY!

MORTGAGE LOANS FOR THEM, BUT NOT FOR CITIZENS

"Foreign National" (A/K/A ILLEGAL) Loans | ITIN Loans

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New 0% Down Payment Assistance For ITIN & SSN Holders With A Minimum Credit Score of 580!

ANDRES MEJER, IMMIGRATION ATTORNEY, NEW JERSEY:

SEE: https://www.andresmejerlaw.com/

Buying a House as an Undocumented Immigrant in the U.S.

What ITIN Mortgage Loans Offer

Below are some of the advantages that ITIN mortgage loans offer:

No social security number required!

You are NOT required to be a U.S. citizen.

Loan amounts available from $150,000 to $7,500,000.

75% Max LTV – Purchase or Cash Out Refinance.

Option to use tax returns or bank statements to document income.

JUST FILL OUT AN IRS W-7 FORM, WAIT A MONTH OR SO, BRING DOCUMENTATION TO A "SUB-PRIME LENDER"

ITIN Lending in America

What Bank Or Mortgage Companies Do ITIN Loans?

SEE: https://houseofdebt.org/what-bank-or-mortgage-companies-do-itin-loans/;

republished below in full unedited for informational, educational & research purposes:

This post may contain affiliate links. This means we may earn a commission if you decide to make a purchase through our links. Please read our disclosure for more info.

Financing can be difficult for people with no established credit standing. Aside from credit standing, there are also other relevant factors considered in getting loans. In the United States, most loans require a Social Security Number (SSN). However, not all people in the US have an SSN. Why? Probably, these people are immigrants.

Immigrants usually do not possess true American citizen privileges, and one exclusive privilege that Americans enjoy is the SSN. How can immigrants find greener pastures in the US if they can’t even acquire a house? Well, things like ITIN (Individual Taxpayer Identification Number) loans allow immigrants to improve their lives in the Land of the Free.

In this article, we’ll briefly discuss the nature of ITIN loans and where you can get them. And more importantly, we’ll give the top 3 ITIN lenders that we deem to be the best companies in ITIN loans.

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3 Best Mortgage Lenders for ITIN Loans

Of all the mortgage lenders out there, we found three companies that reached our expectations in terms of four different criteria:

  • Loan products
  • Convenience
  • Rates and fees
  • Transparency of rates

Disclaimer: Take note that rates are not publicly disclosed on the company’s websites to keep a competitive environment against competitors. If you want to know the rates, you’ll know the quoted rate once you follow through with the application process.

Covid-19 Advisory: Due to the ongoing pandemic, the usual lead or processing time of loan applications is affected. More likely than not, loan applications will take longer than usual. Moreover, some loan products may not be available as well.

1. Better.com

First on the list is Better.com. One unique feature about this mortgage lender is that they operate entirely online. They don’t have brick-and-mortar stores where borrowers can go when applying. What we liked about Better.com is their fully-automated, online, and 24/7 services to their clients.

Upon application, Better.com has a drop-down list of all the loan products available, including ITIN loans. So you have to go through the process to see their products. We can give Better.com a 10/10 score in terms of online convenience, especially now that there’s a pandemic. Going out is a big threat to everyone’s health and obtaining financing online is a big plus.

Better.com says that they don’t charge application, origination, and underwriting fees. Lesser fees mean good news because borrowers can fully maximize the loan amount. If you want to see generalized rates, click this link. However, personalized rates are given only during the application process. The minimum credit score for Better.com loans is 620.

2. SunTrust

Next on the list is SunTrust Mortgages. Just like Better.com, SunTrust offers a variety of mortgage options, including ITIN loans. SunTrust also offers government-backed loans amid the ongoing pandemic. But since our main concern here is ITIN loans, SunTrust caters to immigrant borrowers as well.

The online application is also available at SunTrust. However, their online application is not as comprehensive as Better.com’s online system. They offer an easy online application process, so you should not have a hard time with the loan application process.

Generalized rates are available on their website. You can click this link to check it out. However, personalized rates are available only upon completion of the application form. The minimum credit score for SunTrust is 620.

3. Bank of America

Known as one of the biggest banks worldwide, Bank of America is your go-to choice in terms of financial stability and reputation. In terms of loan products, Bank of America has a wide variety of home mortgage loans depending on the consumer’s needs, with ITIN loans included.

As a popular and well-established bank, Bank of America’s online system is streamlined from customer service to the loan application process. We can say that they are on par with Better.com’s online system in terms of features. Existing customers of this bank will fully enjoy their online banking features.

Generalized rates are available on their website to give you an idea of the cost of financing. But just like Better.com and SunTrust, personalized rates are available after the application process. If you want to see their generalized rates, click this link. The minimum credit score for Bank of America is 620.

Can I Get an ITIN Loan if I Don’t Have a Credit Score?

The financial institutions above mention a minimum credit score of 620. However, you should remember that they’re the cream of the crop in this industry. If you don’t have a high credit score, you can still get an ITIN loan. You just need to look for lenders who (1) accept ITIN in lieu of SSN and (2) offer loans that don’t put too much consideration on your credit history.

What is an ITIN?

ITIN stands for Individual Taxpayer Identification Number. The Internal Revenue Service (IRS) is the issuer of ITIN. The IRS gives ITINs to taxable individuals without SSN. An ITIN has nine digits that always begin with a nine and include a 7 or 8 as the fourth digit.

Who needs an ITIN?

Since ITIN holders don’t have SSN, these individuals do not qualify for the Social Security Administration requirements. Thus, the following individuals require an ITIN when in the United States:

  • Resident Aliens filing a tax return with the IRS
  • Non-resident Aliens filing a tax return with the IRS
  • Dependent(s) or spouse of Citizen or Resident Alien
  • Dependent of a spouse of a Non-resident Alien visa holder

Take note the ITIN doesn’t consider your immigrant status. As long as you’re required to file tax returns, you need to ask for an ITIN from the IRS. To know more about the alien tax status, click this website to see the various tests that the IRS uses.

What are ITIN Loans?

ITIN loans are financing agreements that don’t require an SSN. It is a mortgage option available to immigrants or people who are still processing their US citizenship application. With an ITIN loan, immigrants can access additional financing sources and acquire houses even with the absence of an SSN.

Advantages of ITIN Loans

Apart from SSN, ITIN loans don’t require a residency requirement. In other words, it won’t need a Green Card to prove legal residency. Aside from acquiring mortgages, you can also access mortgage refinancing with an ITIN.

In fact, mortgage refinancing happens in reality to most ITIN holders, especially if the real estate market makes interest rates more favorable. Lastly, ITIN loans can also help in credit building. If you’re still new in America, building a credit score is vital if you want to be eligible for prime mortgage offers. Thus, starting with an ITIN loan is a good stepping stone.

Disadvantages of ITIN Loans

The major disadvantage we can think of is if you don’t have an ITIN yet. If you already have one, then there’s no problem. However, the problem arises if you don’t have an ITIN. Applying to the IRS is easy, but it will take about four to six weeks to get your number.

Thus, if you badly need money now and have no ITIN, you’re in a major predicament. Another disadvantage is the high denial rate in ITIN applications. But, don’t be discouraged. Most denials are due to inadequate requirements and unacceptable identification proofs. However, as long as you comply with the needs and present valid documents, you’ll have no problem here.

Third, most banks don’t offer ITIN loans. The financial institutions mentioned above are the famous companies that provide loans to immigrants. Unfortunately, most commercial banks don’t provide ITIN loans. You can most likely find ITIN loans in private financial institutions and credit companies.

And finally, ITIN borrowers are vulnerable to predatory lending. Why and how? It’s because many immigrants in the US come to the country illegally. Predatory lenders use this opportunity to impose higher down payments and interest rates with a threat of exposure to US Immigration. If you want to learn more about the lending practices in the immigrant community, check out this study from the Kirwan Institute at the Ohio State University.

How Can I Get a Loan with an ITIN Number?

First and foremost, you need to have an ITIN number. If you already have one, you can proceed to the financial institution that offers ITIN loans. You can start with the companies mentioned above. However, you can also shop around and look for better offers. In the meantime, here’s a quick run-through of the ITIN application process.

  1. Apply before April 15. The deadline for tax filing is April 15. So if you plan to submit after the current tax season, you have until April 16 of the current taxable year until April 14 of the following taxable year. However, it’s recommended to accomplish your application before or after the busy tax season.
  2. Submit via mail the W-7 form, including proof of identity documents in the address indicated in the form.
  3. Wait for the IRS to mail you within four to six weeks.

You can contact the IRS at their toll-free number 1-800-829-1040 or visit this page for written instruction for detailed guidance on the application.

Conclusion

An ITIN loan is a great financial assistance to immigrants in the US. It is an excellent opportunity for them to discover greener pastures in the land of milk and honey. However, whether we like it or not, the sad truth is that America is not equally green for everyone. Even if ITIN loans are available to immigrants, it’s still hard to access this type of financing due to its limited supply in the financial services market.

But with proper guidance and skepticism, you can find a genuine and honest ITIN lender. Overall, there’s nothing bad about ITIN loans. It’s just hard to get one, considering that many applications get rejected due to insufficient documents of proof. But as long as you follow the requirements, there’s a high assurance that you’ll get the loan. What do you think of the ITIN loan? Share your thoughts in the comment section below.

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SEE ALSO:

https://www.nonprimelenders.com/itin-mortgage-loans/

https://www.nonprimelenders.com/itin-mortgage/

https://dreamhomefinancing.com/ITINMortgageLoans.aspx

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IRS Acceptance Agent Program FOR FORMS W-7

SEE: https://www.irs.gov/individuals/international-taxpayers/acceptance-agent-program;

republished below in full unedited for informational, educational & research purposes:

Section 203 of the Protecting Americans from Tax Hikes Act, enacted on December 18, 2015, included provisions that affect the Individual Taxpayer Identification Number (ITIN) application process. Taxpayers and their representatives should review these changes, which are further explained in these Frequently Asked Questions, before requesting an ITIN.

The following is a public list of Acceptance Agents for Forms W-7. This list is updated quarterly.

National/International CPA Firms *

  • Deloitte and Touche, LLP
  • Ernst & Young LLP
  • KPMG LLP
  • PricewaterhouseCoopers LLP
  • BDO

* Check local telephone directory for nearest location.

* Acceptance Agents are denoted with an asterisk. Certifying Acceptance Agents are not denoted with an asterisk.

Acceptance Agents Outside of the U.S.

U.S. Acceptance Agents by State

 

 

 

Increase in Medicare Premiums Will Wipe Out Gains in Social Security

BY RICK MORAN

SEE: https://pjmedia.com/news-and-politics/rick-moran/2021/11/14/increase-in-medicare-premiums-will-wipe-out-gains-in-social-security-for-seniors-n1532735;

republished below in full unedited for informational, educational & research purposes:

Friday night is a great night to go out with friends, drink, eat, play around, and generally goof off. It’s decidedly not a night that most Americans pay attention to the news.

The government knows this, which is why they usually announce really bad news on Friday night. Such was the case this past Friday evening when the Centers for Medicare and Medicaid Services announced a shocking 14.5% increase in Medicare premiums for seniors.

It’s OK, though, says the government. Social Security has increased its payments to seniors by 5.7%, so everything is going to be alright.

Is it?

Bideninflation is running at an annual rate of 6.2%. Medicare premiums are increasing by 14.5%. The Social Security cost of living adjustment is only 5.7%. I know that math is supposed to be racist and everything and that there is no wrong answer, but it looks like senior citizens are getting royally shafted.

CNN:

It “will consume the entire annual cost of living adjustment (COLA) of Social Security recipients with the very lowest benefits, of about $365 per month,” said Mary Johnson, a Social Security and Medicare policy analyst for The Senior Citizens League, an advocacy group. “Social Security recipients with higher benefits should be able to cover the $21.60 per month increase, but they may not wind up with as much left over as they were counting on.”

Medicare premiums have typically increased at a far faster rate than Social Security’s annual adjustments, the league said. And much of the 2022 increase in Social Security benefits will be eaten up by inflation, which is also rising at a rapid clip.

Was the increase preventable? Certainly, the pandemic and associated medical costs for seniors was reason for an increase.

Related: Sanders-Biden Clash Over Medicare Expansion May Doom the Spending Bill

But the CMS is citing another reason for the massive increase — a brand new drug that’s supposed to treat Alzheimer’s disease. It’s extremely controversial because its benefits are uneven at best. Plus it’s wildly expensive.

CMS said part of the increase for 2022 was because of uncertainty over how much the agency will end up paying to treat beneficiaries to be treated with Aduhelm, an Alzheimer’s drug approved by the US Food and Drug Administration in June over the objections of its advisers. Some experts estimate it will cost $56,000 a year. Medicare is deciding whether to pay for it now on a case-by-case basis.

Because Aduhelm is administered in physicians’ offices, it should be covered under Medicare Part B, not Part D plans, which pay for medications bought at pharmacies. Traditional Medicare enrollees have to pick up 20% of the cost of most Part B medications, which would translate into about $11,500 in out-of-pocket costs for those prescribed Aduhelm.

One former FDA advisor called the approval of Aduhelm “probably the worst drug approval decision in recent U.S. history” for an Alzheimer’s treatment. So why approve it, and why is Medicare intent on giving it a huge boost by paying for it?

As someone who watched his mother die after living more than a decade with Alzheimer’s, I know the helpless feeling that caregivers and loved ones experience as they watch their parent or relative succumb to the ravages of this terrible disease. The entire Alzheimer’s community — doctors, nurses, caregivers — have been begging the government to approve this drug, despite its cost and its uncertain benefits. No new Alzheimer’s drug has been approved since 2003, and the pressure on the government from senior citizens was intense.

Politicians who want to stay in office don’t resist the entreaties of desperate people. That’s the reality that any president would have faced. And with the reality of an aging population increasing the number of Alzheimer’s patients from its current 5.8 million to 12 million by mid-century, any help from the government will be welcomed.