Five States Targeted for Additional G-Fee Increases

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Posted To: MND NewsWire

A federal regulator is proposing that five states with higher than average foreclosure costs pick up part of the tab for those foreclosures through higher Fannie Mae and Freddie Mac guarantee fees ( g-fees ). According to a press release late yesterday from the Federal Housing Finance Agency (FHFA) the size of the g-fee adjustments "are intended to reflect the disparity in costs as compared to the national average." Under the proposal, the two government sponsored enterprises (GSEs) would hike fees between 15 and 30 basis points on lenders in Connecticut, Florida, Illinois, New Jersey, and New York . Those states each have considerably longer time frames to obtain marketable title than the national average as well as costs that range between 9 and 18 percentage points above the national average...(read more)

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Source: www.mortgagenewsdaily.com

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