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ICBA is calling for the Federal Housing Finance Agency and Fannie Mae and Freddie Mac to immediately rescind the decision to charge a 0.5 percent fee on refinance mortgages, expected to cost the average homeowner an additional $1,400 at a time when consumers are struggling through the COVID-19 pandemic.
This action is contrary to all the actions that the administration, Congress, regulators and the U.S Treasury have taken to support the economy and American families.
Additionally, “By applying the fee retroactively to loans where the pricing is locked with consumers, FHFA and the GSEs will cause financial losses to those lenders who are struggling to comply with government mandated forbearance, loan workouts and modifications on all forms of credit in response to the COVID pandemic,” ICBA said. “This is the wrong action at precisely the wrong time.”
ICBA is urging community banks to write Congress and urge them to contact FHFA and the GSEs and insist that they reverse this misguided and destructive directive immediately.
Previous News
A New York Fed blog by Rod Garratt, Michael Lee, Brendan Malone, and Antoine Martin explores common distinctions made between “token-based” and “account-based” digital currencies.
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Aug 17, 2020
Unless you have been living on a desert island for the past few years, you would be hard-pressed to miss the technological revolution that is sweeping our nation’s financial system and the larger global economy, ICBA’s Chris Cole and Charles Potts write in a recent Main Street Matters blog.
ImageAug 17, 2020
The federal financial regulatory agencies issued a joint statement clarifying their enforcement approach for Bank Secrecy Act/anti-money laundering obligations and the circumstances under which an agency would take action to address BSA/AML deficiencies.
ImageAug 17, 2020
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