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. That increase means that a borrower in an affected state obtaining a 30-year, fixed-rate mortgage of $200,000 could see his or her monthly mortgage payment rise by about $3.50 to $7, the regulator said. The FHFA chose the five states based on three factors: the expected number of days it takes Fannie or Freddie to foreclose and obtain title to a property; the average per-day carrying costs Fannie and Freddie incur in a sta...
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