In an effort to lessen the companies' long term risk, both Fannie Mae and Freddie Mac have announced plans to change the fee schedule they charge to mortgage lenders. The increase in what are called "guarantee fees" is anticipated to take flight gradually, beginning in early 2012.
Guarantee fees are fees paid to Fannie and Freddie, who do not actually loan money, by investors who purchase packaged mortgage loans assembled by Fannie and Freddie. The White House has endorsed the fee increase, too, as the raise in fees will lessen the overall government involvement in the mortgage market by attracting more capital from investors. The move is projected to save nearly $28 billion over a 10-year time frame.
The increased costs will apply more to riskier loans and mortgages that sit in areas with more strict foreclosure laws. All of this appears to be in the interest of ultimately protecting the consumer.
If you are facing a Florida Foreclosure Lawsuit and your loan is owned by Fannie Mae or Freddie Mac, contact a Jacksonville Foreclosure Lawyer or a Florida Foreclosure Lawyer today to determine what options you have in fighting for your home..
