Last week, Congress extended the current Transportation Bill until Friday, Dec. 4. It gives U.S. House-Senate Conference Committee members extra time to settle differences between the two bill versions. The House bill includes a REALTOR®-supported amendment removing Fannie Mae/Freddie Mac credit risk guarantee fees (G-Fees) as a funding mechanism. The Senate bill relies on increased G-Fees to help finance the Transportation Bill.

Here’s why you should care:  Fannie Mae and Freddie Mac charge lenders G-Fees to bundle, sell, and guarantee payment of principal and interest on their mortgage-backed securities. Lenders pass G-Fees on to mortgage seekers, adding to homeownership’s cost. NAR also believes taking G-Fees would prevent Fannie and Freddie from effectively managing risk.

Here’s what you can do about it:  Fill in your name and home address here to send a pre-populated letter to your U.S. Senators and Representative. Give a minute or less to prevent Congress from placing an unnecessary long-term burden on American homeowners