National Association of Realtors Challenges Fannie Mae Fee Increases

The National Association of Realtors® Challenges Fannie Mae Fee Increases On January 2, 2009, NAR President Charles McMillan wrote to the Director of the Federal Housing Finance Agency, Jim Lockhart, to express REALTOR® concerns about the increased fees for mortgages purchased or securitized on or after April 1, 2009. Director Lockhart is the federal conservator and regulator of Fannie Mae and Freddie Mac (the government sponsored enterprises, or GSEs). The letter questions whether it makes sense, from a policy standpoint, to increase fees considering the mission of the GSEs to promote affordable homeownership. It also explains NAR's concern about the lack of any explanation of, or justification for, the Fannie Mae decision. NAR is urging Director Lockhart, in the absence of a compelling justification, to require Fannie Mae to rescind the fee increases and to direct Freddie Mac not to raise its fees.

Source: Jeff Lischer, "NAR Challenges Fannie Mae Fee Increases," Conventional Residential Lending Report, Jan. 5, 2009. http://www.realtor.org/fedistrk.nsf/pages/wk01052009?OpenDocument#report_1_01_05_2009,