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“Fannie Mae’s new fee is a broad tax on homeownership that ultimately will be passed along to consumers. It’s certain to be more difficult for the housing market to regain its footing when steps are being taken to drive up mortgage costs. This is the exact opposite of what needs to be done and underscores the importance of Congress quickly enacting legislation that would strengthen regulatory oversight of government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac while also preserving their vital housing mission,” said Jerry Howard, NAHB’s executive vice president and CEO.
Starting on March 1 Fannie Mae plans to charge lenders an additional 25 basis points across the board for loans purchased for portfolio as well as for loans delivered into its guaranteed mortgage-backed securities. Howard said that it appeared this action was being taken specifically to ensure that Fannie Mae meets a 30% minimum capital surcharge imposed by the Office of Federal Housing Enterprise Oversight (OFHEO) as a result of financial difficulties that Fannie Mae has been working through since 2004.
"Fannie Mae Fee" Editorial.
National Association of Builders 11 Dec. 2007
< http://www.nbnnews.com/NBN/issues/2007-12-10/Politics+%26+Government/2.html >
