Plans to impose a 50 basis point fee on most refinance mortgages delivered to Fannie Mae and Freddie Mac after Sept. 1 will unnecessarily raise the cost of mortgage credit for consumers and will negatively impact the sectors of the U.S. economy that have so far weathered the steepest economic downturn in modern history, ICBA said.
This decision is contrary to recent legislative, regulatory, and administrative actions to support consumers and the economy, and will cause financial losses to lenders working hard and complying with government-mandated forbearance, loan workouts and modifications on all forms of credit in response to the COVID pandemic.
ICBA has called for the Federal Housing Finance Agency and the government sponsored enterprises to immediately rescind this destructive and unnecessary tax on homeowners.
Read ICBA's Statement