Industry NewsMortgage

Fannie, Freddie fee hikes eyed in 5 judicial foreclosure states

Regulator: Cost of repossessions higher in Connecticut, Florida, Illinois, NJ and NY
Published on Sep 24, 2012

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by CareyBot

The Federal Housing Finance Agency is seeking public comment on a proposal to raise the guarantee fees Fannie Mae and Freddie Mac charge lenders in five states where costs related to foreclosure practices are significantly higher than the national average.

These five states are Connecticut, Florida, Illinois, New Jersey and New York. According to the proposal, lenders would have to pay an upfront fee of between 15 and 30 basis points -- 0.15 to 0.3 percent -- for each single-family mortgage originated in those states and later acquired by Fannie Mae or Freddie Mac.

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