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
Call for Action on G-Fees Continues
Encourage your members to join the 134,000 REALTORS®—more than 14 percent of NAR’s membership—who have asked their federal lawmakers to oppose the proposed use for transportation projects of guarantee fees (g-fees) charged by Freddie Mac and Fannie Mae. G-fees add to the cost of obtaining a mortgage, and NAR is against using them for purposes not related to housing.
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