FHFA delays Fannie, Freddie fee increases
January 8, 2014, 11:19 AM
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The new regulatory chief for Fannie Mae FNMA and Freddie Mac FMCC has directed the mortgage buyers to delay raising certain fees, explaining that he wants to investigate whether the increases would hurt mortgage-credit access, officials said Wednesday.
The move is Mel Watt’s first action as director of the Federal Housing Finance Agency, and follows up on his recent announcement that he planned to delay the fees.
Analysts say Watt, as head of the FHFA, can be expected to support policies that expand homeownership while Congress continues its protracted work on housing-finance-reform legislation. At least one analyst opined that Watt could usher in arevival of 40-year mortgages, and other products crafted to support affordability.
Watt was the administration’s choice to replace Ed DeMarco, who was liked by Republicans for his refusal to direct Fannie and Freddie to allow principal reductions for troubled mortgages.
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